Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Sep. 01, 2015 | Jan. 31, 2015 | |
Entity Registrant Name | FERRELLGAS PARTNERS L P | ||
Entity Central Index Key | 922,358 | ||
Current Fiscal Year End Date | --07-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Jul. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 100,376,789 | ||
Trading Symbol | fgp | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,364,265,558 | ||
Ferrellgas Partners Finance Corp. [Member] | |||
Entity Registrant Name | FERRELLGAS PARTNERS FINANCE CORP | ||
Entity Central Index Key | 1,012,493 | ||
Current Fiscal Year End Date | --07-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Jul. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 1,000 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Ferrellgas, L.P. [Member] | |||
Entity Registrant Name | FERRELLGAS L P | ||
Entity Central Index Key | 922,359 | ||
Current Fiscal Year End Date | --07-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Jul. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Ferrellgas Finance Corp. [Member] | |||
Entity Registrant Name | FERRELLGAS FINANCE CORP | ||
Entity Central Index Key | 922,360 | ||
Current Fiscal Year End Date | --07-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Jul. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 1,000 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jul. 31, 2015 | Jul. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 7,652,000 | $ 8,289,000 |
Accounts and notes receivable, net | 196,918,000 | 178,602,000 |
Inventories | 96,754,000 | 145,969,000 |
Prepaid expenses and other current assets | 64,285,000 | 32,071,000 |
Total current assets | 365,609,000 | 364,931,000 |
Property, plant and equipment, net | 965,217,000 | 611,787,000 |
Goodwill | 478,747,000 | 273,210,000 |
Intangible assets, net | 580,043,000 | 276,171,000 |
Other assets, net | 74,440,000 | 46,171,000 |
Total assets | 2,464,056,000 | 1,572,270,000 |
Current liabilities: | ||
Accounts payable | 83,974,000 | 69,360,000 |
Short-term borrowings | 75,319,000 | 69,519,000 |
Collateralized note payable | 70,000,000 | 91,000,000 |
Other current liabilities | 180,687,000 | 125,161,000 |
Total current liabilities | 409,980,000 | 355,040,000 |
Long-term debt | 1,804,392,000 | 1,292,214,000 |
Other liabilities | $ 41,975,000 | $ 36,662,000 |
Contingencies and commitments | ||
Partners' capital (deficit) | ||
Common unitholders | $ 299,730,000 | $ (57,893,000) |
General partner unitholder | (57,042,000) | (60,654,000) |
Accumulated other comprehensive income (loss) | (38,934,000) | 6,181,000 |
Total Ferrellgas Partners, L.P. partners' capital (deficit) | 203,754,000 | (112,366,000) |
Noncontrolling interest | 3,955,000 | 720,000 |
Total partners' capital (deficit) | 207,709,000 | (111,646,000) |
Total liabilities and partners' capital (deficit) | 2,464,056,000 | 1,572,270,000 |
Ferrellgas Partners Finance Corp. [Member] | ||
Current assets: | ||
Cash | 1,000 | 969 |
Total assets | 1,000 | 969 |
STOCKHOLDER'S EQUITY | ||
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding | 1,000 | 1,000 |
Additional paid in capital | 17,485 | 15,106 |
Accumulated deficit | (17,485) | (15,137) |
Total stockholder's equity | 1,000 | 969 |
Ferrellgas, L.P. [Member] | ||
Current assets: | ||
Cash and cash equivalents | 5,600,000 | 8,283,000 |
Accounts and notes receivable, net | 196,918,000 | 178,602,000 |
Inventories | 96,754,000 | 145,969,000 |
Prepaid expenses and other current assets | 64,211,000 | 32,079,000 |
Total current assets | 363,483,000 | 364,933,000 |
Property, plant and equipment, net | 965,217,000 | 611,787,000 |
Goodwill | 478,747,000 | 273,210,000 |
Intangible assets, net | 580,043,000 | 276,171,000 |
Other assets, net | 72,472,000 | 43,732,000 |
Total assets | 2,459,962,000 | 1,569,833,000 |
Current liabilities: | ||
Accounts payable | 83,974,000 | 69,360,000 |
Short-term borrowings | 75,319,000 | 69,519,000 |
Collateralized note payable | 70,000,000 | 91,000,000 |
Other current liabilities | 176,176,000 | 123,153,000 |
Total current liabilities | 405,469,000 | 353,032,000 |
Long-term debt | 1,622,392,000 | 1,110,214,000 |
Other liabilities | $ 41,975,000 | $ 36,662,000 |
Contingencies and commitments | ||
Partners' capital (deficit) | ||
Common unitholders | $ 425,105,000 | $ 63,024,000 |
General partner unitholder | 4,339,000 | 643,000 |
Accumulated other comprehensive income (loss) | (39,318,000) | 6,258,000 |
Total partners' capital (deficit) | 390,126,000 | 69,925,000 |
Total liabilities and partners' capital (deficit) | 2,459,962,000 | 1,569,833,000 |
Ferrellgas Finance Corp. [Member] | ||
Current assets: | ||
Cash | 1,100 | 1,100 |
Total assets | 1,100 | 1,100 |
STOCKHOLDER'S EQUITY | ||
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding | 1,000 | 1,000 |
Additional paid in capital | 53,267 | 49,159 |
Accumulated deficit | (53,167) | (49,059) |
Total stockholder's equity | $ 1,100 | $ 1,100 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Jul. 31, 2015 | Jul. 31, 2014 |
Accounts receivable pledged as collateral | $ 123,791,000 | $ 159,003,000 |
Allowance for doubtful accounts | $ 4,816,000 | $ 4,756,000 |
Common unitholders, units outstanding | 100,376,789 | 81,228,237 |
General partner unitholder, units outstanding | 1,013,907 | 820,487 |
Ferrellgas Partners Finance Corp. [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 2,000 | 2,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Ferrellgas, L.P. [Member] | ||
Accounts receivable pledged as collateral | $ 123,791,000 | $ 159,003,000 |
Allowance for doubtful accounts | $ 4,816,000 | $ 4,756,000 |
Ferrellgas Finance Corp. [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 2,000 | 2,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Revenues: | |||
Propane and other gas liquids sales | $ 1,657,016,000 | $ 2,147,343,000 | $ 1,739,267,000 |
Midstream operations | 107,189,000 | 7,435,000 | 0 |
Other | 260,185,000 | 251,082,000 | 236,200,000 |
Total revenues | 2,024,390,000 | 2,405,860,000 | 1,975,467,000 |
Costs and expenses: | |||
Cost of product sold - propane and other gas liquids sales | 977,224,000 | 1,456,388,000 | 1,092,261,000 |
Cost of sales - midstream operations | 76,590,000 | 1,970,000 | 0 |
Cost of product sold - other | 170,697,000 | 156,182,000 | 144,456,000 |
Operating expense | 437,457,000 | 451,528,000 | 412,450,000 |
Depreciation and amortization expense | 98,579,000 | 84,202,000 | 83,344,000 |
General and administrative expense | 77,238,000 | 65,156,000 | 53,181,000 |
Equipment lease expense | 24,273,000 | 17,745,000 | 15,983,000 |
Non-cash employee stock ownership plan compensation charge | 24,713,000 | 21,789,000 | 15,769,000 |
Loss on disposal of assets | 7,099,000 | 6,486,000 | 10,421,000 |
Operating income (loss) | 130,520,000 | 144,414,000 | 147,602,000 |
Interest expense | (100,396,000) | (86,502,000) | (89,145,000) |
Loss on extinguishment of debt | 0 | (21,202,000) | 0 |
Other income (expense), net | (350,000) | (479,000) | 565,000 |
Earnings (loss) before income taxes | 29,774,000 | 36,231,000 | 59,022,000 |
Income tax expense | (315,000) | 2,516,000 | 1,855,000 |
Net earnings (loss) | 30,089,000 | 33,715,000 | 57,167,000 |
Net earnings (loss) attributable to noncontrolling interest | 469,000 | 504,000 | 741,000 |
Net earnings (loss) attributable to Ferrellgas Partners, L.P. | 29,620,000 | 33,211,000 | 56,426,000 |
Less: General partner's interest in net earnings (loss) | 296,000 | 332,000 | 564,000 |
Common unitholders' interest in net earnings (loss) | $ 29,324,000 | $ 32,879,000 | $ 55,862,000 |
Basic and diluted net earnings (loss) per common unitholders' interest | $ 0.35 | $ 0.41 | $ 0.71 |
Cash distributions declared per common unit | $ 2 | $ 2 | $ 2 |
Ferrellgas Partners Finance Corp. [Member] | |||
Costs and expenses: | |||
General and administrative expense | $ 2,348 | $ 2,149 | $ 2,038 |
Net earnings (loss) | (2,348) | (2,149) | (2,038) |
Ferrellgas, L.P. [Member] | |||
Revenues: | |||
Propane and other gas liquids sales | 1,657,016,000 | 2,147,343,000 | 1,739,267,000 |
Midstream operations | 107,189,000 | 7,435,000 | 0 |
Other | 260,185,000 | 251,082,000 | 236,200,000 |
Total revenues | 2,024,390,000 | 2,405,860,000 | 1,975,467,000 |
Costs and expenses: | |||
Cost of product sold - propane and other gas liquids sales | 977,224,000 | 1,456,388,000 | 1,092,261,000 |
Cost of sales - midstream operations | 76,590,000 | 1,970,000 | 0 |
Cost of product sold - other | 170,697,000 | 156,182,000 | 144,456,000 |
Operating expense | 437,353,000 | 451,551,000 | 412,430,000 |
Depreciation and amortization expense | 98,579,000 | 84,202,000 | 83,344,000 |
General and administrative expense | 77,238,000 | 65,156,000 | 53,181,000 |
Equipment lease expense | 24,273,000 | 17,745,000 | 15,983,000 |
Non-cash employee stock ownership plan compensation charge | 24,713,000 | 21,789,000 | 15,769,000 |
Loss on disposal of assets | 7,099,000 | 6,486,000 | 10,421,000 |
Operating income (loss) | 130,624,000 | 144,391,000 | 147,622,000 |
Interest expense | (84,227,000) | (70,332,000) | (72,974,000) |
Loss on extinguishment of debt | 0 | (21,202,000) | 0 |
Other income (expense), net | (354,000) | (479,000) | 565,000 |
Earnings (loss) before income taxes | 46,043,000 | 52,378,000 | 75,213,000 |
Income tax expense | (384,000) | 2,471,000 | 1,838,000 |
Net earnings (loss) | 46,427,000 | 49,907,000 | 73,375,000 |
Ferrellgas Finance Corp. [Member] | |||
Costs and expenses: | |||
General and administrative expense | 4,108 | 5,289 | 4,999 |
Net earnings (loss) | $ (4,108) | $ (5,289) | $ (4,999) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Comprehensive income (loss): | |||
Net earnings (loss) | $ 30,089 | $ 33,715 | $ 57,167 |
Other comprehensive income (loss): | |||
Change in value on risk management derivatives | (73,647) | 14,592 | 4,252 |
Reclassification of gains and losses of derivatives to earnings | 28,258 | (10,175) | 10,613 |
Foreign currency translation adjustment | (2) | (145) | (147) |
Pension liability adjustment | (185) | 258 | 290 |
Other comprehensive income (loss) | (45,576) | 4,530 | 15,008 |
Comprehensive income (loss) | (15,487) | 38,245 | 72,175 |
Less: comprehensive income (loss) attributable to noncontrolling interest | (8) | (550) | (893) |
Comprehensive income (loss) attributable to Ferrellgas Partners, LP | (15,495) | 37,695 | 71,282 |
Ferrellgas, L.P. [Member] | |||
Comprehensive income (loss): | |||
Net earnings (loss) | 46,427 | 49,907 | 73,375 |
Other comprehensive income (loss): | |||
Change in value on risk management derivatives | (73,647) | 14,592 | 4,252 |
Reclassification of gains and losses of derivatives to earnings | 28,258 | (10,175) | 10,613 |
Foreign currency translation adjustment | (2) | (145) | (147) |
Pension liability adjustment | (185) | 258 | 290 |
Other comprehensive income (loss) | (45,576) | 4,530 | 15,008 |
Comprehensive income (loss) | $ 851 | $ 54,437 | $ 88,383 |
Consolidated Statements Of Part
Consolidated Statements Of Partners' Capital (Deficit) - USD ($) | Total | Accumulated Other Comprehensive Income (Loss) | Total Ferrellgas Partners, L.P. Partners' Capital (Deficit) [Member] | Non-Controlling Interest [Member] | Common Unitholders [Member] | General Partner Unitholder [Member] | Ferrellgas Partners Finance Corp. [Member] | Ferrellgas Partners Finance Corp. [Member]Common Stock [Member] | Ferrellgas Partners Finance Corp. [Member]Additional Paid-in Capital [Member] | Ferrellgas Partners Finance Corp. [Member]Accumulated deficit [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member]Accumulated Other Comprehensive Income (Loss) | Ferrellgas, L.P. [Member]Common Unitholders [Member] | Ferrellgas, L.P. [Member]General Partner Unitholder [Member] | Ferrellgas Finance Corp. [Member] | Ferrellgas Finance Corp. [Member]Common Stock [Member] | Ferrellgas Finance Corp. [Member]Additional Paid-in Capital [Member] | Ferrellgas Finance Corp. [Member]Accumulated deficit [Member] |
Partners' capital balance (in shares) at Jul. 31, 2012 | 79,006,600 | 798,000 | ||||||||||||||||
Partners' capital balance at Jul. 31, 2012 | $ (27,526,000) | $ (13,159,000) | $ (29,088,000) | $ 1,562,000 | $ 43,701,000 | $ (59,630,000) | $ 153,140,000 | $ (13,280,000) | $ 164,737,000 | $ 1,683,000 | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||||||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 29,314,000 | 29,019,000 | 295,000 | 28,728,000 | 291,000 | 29,314,000 | 29,019,000 | 295,000 | ||||||||||
Distributions | (161,472,000) | (159,682,000) | (1,790,000) | (158,086,000) | $ (1,596,000) | (177,170,000) | (175,380,000) | (1,790,000) | ||||||||||
Common units issued in connection with acquisitions - value | $ 0 | 0 | ||||||||||||||||
Exercise of common unit options - shares | 66,200 | 700 | ||||||||||||||||
Exercise of common unit options - value | 882,000 | 873,000 | 9,000 | $ 864,000 | $ 9,000 | |||||||||||||
Net earnings (loss) | 57,167,000 | 56,426,000 | 741,000 | $ 55,862,000 | $ 564,000 | $ (2,038) | $ 0 | $ (2,038) | 73,375,000 | $ (72,634,000) | $ (741,000) | $ (4,999) | $ 0 | $ (4,999) | ||||
Other comprehensive income (loss) | 15,008,000 | 14,856,000 | 14,856,000 | 152,000 | 15,008,000 | 15,008,000 | ||||||||||||
Partners' capital balance (in shares) at Jul. 31, 2013 | 79,072,800 | 798,700 | ||||||||||||||||
Partners' capital balance at Jul. 31, 2013 | (86,627,000) | 1,697,000 | (87,596,000) | 969,000 | $ (28,931,000) | $ (60,362,000) | 94,476,000 | 1,728,000 | $ 91,810,000 | $ 938,000 | ||||||||
Stockholders' equity balance (in shares) at Jul. 31, 2012 | 1,000 | 1,000 | ||||||||||||||||
Stockholders' equity balance at Jul. 31, 2012 | 969 | $ 1,000 | 10,919 | (10,950) | 1,100 | $ 1,000 | 38,871 | (38,771) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Capital contribution | 2,038 | 2,038 | 0 | 4,999 | 4,999 | 0 | ||||||||||||
Cash contributed by Ferrellgas Partners and general partner | 809,000 | 800,000 | 9,000 | |||||||||||||||
Stockholders' equity balance (in shares) at Jul. 31, 2013 | 1,000 | 1,000 | ||||||||||||||||
Stockholders' equity balance at Jul. 31, 2013 | 969 | $ 1,000 | 12,957 | (12,988) | 1,100 | $ 1,000 | 43,870 | (43,770) | ||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||||||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 46,297,000 | 45,829,000 | 468,000 | 45,370,000 | 459,000 | 46,297,000 | 45,829,000 | 468,000 | ||||||||||
Distributions | (162,728,000) | (160,925,000) | (1,803,000) | $ (159,316,000) | $ (1,609,000) | (178,426,000) | (176,623,000) | (1,803,000) | ||||||||||
Common units issued in connection with acquisitions - shares | 62,600 | 600 | ||||||||||||||||
Common units issued in connection with acquisitions - value | 1,530,000 | 1,515,000 | 15,000 | $ 1,500,000 | $ 15,000 | 1,515,000 | 1,500,000 | 15,000 | ||||||||||
Exercise of common unit options - shares | 52,000 | 500 | ||||||||||||||||
Exercise of common unit options - value | 617,000 | 611,000 | 6,000 | $ 605,000 | $ 6,000 | |||||||||||||
Common units issued in offering, net of issuance costs - shares | 2,040,800 | 20,700 | ||||||||||||||||
Common units issued in offering, net of issuance costs - value | 51,020,000 | 50,505,000 | 515,000 | $ 50,000,000 | $ 505,000 | |||||||||||||
Net earnings (loss) | 33,715,000 | 33,211,000 | 504,000 | $ 32,879,000 | $ 332,000 | (2,149) | 0 | (2,149) | 49,907,000 | 49,403,000 | 504,000 | (5,289) | 0 | (5,289) | ||||
Other comprehensive income (loss) | 4,530,000 | 4,484,000 | 4,484,000 | 46,000 | 4,530,000 | 4,530,000 | ||||||||||||
Partners' capital balance (in shares) at Jul. 31, 2014 | 81,228,200 | 820,500 | ||||||||||||||||
Partners' capital balance at Jul. 31, 2014 | (111,646,000) | 6,181,000 | (112,366,000) | 720,000 | $ (57,893,000) | $ (60,654,000) | 69,925,000 | 6,258,000 | 63,024,000 | 643,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Capital contribution | 2,149 | 2,149 | 0 | 5,289 | 5,289 | 0 | ||||||||||||
Cash contributed by Ferrellgas Partners and general partner | 51,626,000 | 51,105,000 | 521,000 | |||||||||||||||
Stockholders' equity balance (in shares) at Jul. 31, 2014 | 1,000 | 1,000 | ||||||||||||||||
Stockholders' equity balance at Jul. 31, 2014 | 969 | $ 1,000 | 15,106 | (15,137) | 1,100 | $ 1,000 | 49,159 | (49,059) | ||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||||||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 50,695,000 | 50,183,000 | 512,000 | 49,681,000 | 502,000 | 50,695,000 | 50,183,000 | 512,000 | ||||||||||
Distributions | (173,244,000) | (167,105,000) | (6,139,000) | $ (165,433,000) | $ (1,672,000) | (607,875,000) | (601,736,000) | (6,139,000) | ||||||||||
Common units issued in connection with acquisitions - shares | 11,334,200 | 114,500 | ||||||||||||||||
Common units issued in connection with acquisitions - value | 265,639,000 | 265,608,000 | 31,000 | $ 262,952,000 | $ 2,656,000 | 833,875,000 | 825,452,000 | 8,423,000 | ||||||||||
Exercise of common unit options - shares | 5,800 | 100 | ||||||||||||||||
Exercise of common unit options - value | 92,000 | 92,000 | 0 | $ 91,000 | $ 1,000 | |||||||||||||
Common units issued in offering, net of issuance costs - shares | 7,808,600 | 78,900 | ||||||||||||||||
Common units issued in offering, net of issuance costs - value | 191,660,000 | 182,837,000 | 8,823,000 | $ 181,008,000 | $ 1,829,000 | |||||||||||||
Net earnings (loss) | 30,089,000 | 29,620,000 | 469,000 | $ 29,324,000 | $ 296,000 | (2,348) | 0 | (2,348) | 46,427,000 | 45,958,000 | 469,000 | (4,108) | 0 | (4,108) | ||||
Other comprehensive income (loss) | (45,576,000) | (45,115,000) | (45,115,000) | (461,000) | (45,576,000) | (45,576,000) | ||||||||||||
Partners' capital balance (in shares) at Jul. 31, 2015 | 100,376,800 | 1,014,000 | ||||||||||||||||
Partners' capital balance at Jul. 31, 2015 | $ 207,709,000 | $ (38,934,000) | $ 203,754,000 | $ 3,955,000 | $ 299,730,000 | $ (57,042,000) | 390,126,000 | $ (39,318,000) | 425,105,000 | 4,339,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Capital contribution | 2,379 | 2,379 | 0 | 4,108 | 4,108 | 0 | ||||||||||||
Cash contributed by Ferrellgas Partners and general partner | $ 42,655,000 | $ 42,224,000 | $ 431,000 | |||||||||||||||
Stockholders' equity balance (in shares) at Jul. 31, 2015 | 1,000 | 1,000 | ||||||||||||||||
Stockholders' equity balance at Jul. 31, 2015 | $ 1,000 | $ 1,000 | $ 17,485 | $ (17,485) | $ 1,100 | $ 1,000 | $ 53,267 | $ (53,167) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Cash flows from operating activities: | |||
Net earnings (loss) | $ 30,089,000 | $ 33,715,000 | $ 57,167,000 |
Reconciliation of net earnings (loss) to net cash provided by operating activities: | |||
Depreciation and amortization expense | 98,579,000 | 84,202,000 | 83,344,000 |
Non-cash employee stock ownership plan compensation charge | 24,713,000 | 21,789,000 | 15,769,000 |
Non-cash stock and unit-based compensation charge | 25,982,000 | 24,508,000 | 13,545,000 |
Loss on disposal of assets | 7,099,000 | 6,486,000 | 10,421,000 |
Loss on extinguishment of debt | 0 | 6,526,000 | 0 |
Change in fair value of contingent consideration | (6,300,000) | 5,000,000 | |
Provision for doubtful accounts | 3,419,000 | 3,419,000 | 2,066,000 |
Deferred tax expense (benefit) | 270,000 | 88,000 | 133,000 |
Other | 3,361,000 | 5,372,000 | 4,520,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | |||
Accounts and notes receivable, net of securitization | (1,739,000) | (48,087,000) | (5,901,000) |
Inventories | 49,050,000 | (28,738,000) | 15,869,000 |
Prepaid expenses and other current assets | (24,956,000) | (3,960,000) | 6,157,000 |
Accounts payable | (1,547,000) | 16,279,000 | 508,000 |
Accrued interest expense | 5,099,000 | (7,613,000) | (150,000) |
Other current liabilities | 10,754,000 | 8,579,000 | 6,369,000 |
Other liabilities | (20,801,000) | (1,896,000) | 303,000 |
Net cash provided by (used in) operating activities | 203,072,000 | 125,669,000 | 210,120,000 |
Cash flows from investing activities: | |||
Business acquisitions, net of cash acquired | (641,427,000) | (162,004,000) | (37,186,000) |
Capital expenditures | (72,481,000) | (52,572,000) | (40,910,000) |
Proceeds from sale of assets | 5,905,000 | 4,524,000 | 9,980,000 |
Other | (14,000) | (23,000) | 0 |
Net cash used in investing activities | (708,017,000) | (210,075,000) | (68,116,000) |
Cash flows from financing activities: | |||
Distributions | (167,105,000) | (160,925,000) | (159,682,000) |
Proceeds from increase in long-term debt | 628,134,000 | 750,351,000 | 58,356,000 |
Payments on long-term debt | (119,457,000) | (569,841,000) | (3,912,000) |
Net additions to (reductions in) short-term borrowings | 5,800,000 | 19,465,000 | (45,676,000) |
Net additions to collateralized short-term borrowings | 9,000,000 | 8,000,000 | |
Repayments of Other Short-term Debt | (21,000,000) | ||
Cash paid for financing costs | (10,301,000) | (11,508,000) | 0 |
Proceeds from Noncontrolling Interests | 2,684,000 | ||
Noncontrolling interest activity | (1,282,000) | (1,781,000) | |
Proceeds from exercise of common unit options | 91,000 | 605,000 | 864,000 |
Proceeds from equity offering, net of issuance costs of $648, $0 and $0 for the years ended July 31, 2014, 2013 and 2012, respectively | 181,008,000 | 50,000,000 | 0 |
Cash contributions from partners in connection with common unit issuances | 4,456,000 | 511,000 | 9,000 |
Net cash provided by (used in) financing activities | 504,310,000 | 86,376,000 | (143,822,000) |
Effect of exchange rate changes on cash | (2,000) | (145,000) | (147,000) |
Increase (decrease) in cash and cash equivalents | (637,000) | 1,825,000 | (1,965,000) |
Cash and cash equivalents - beginning of year | 8,289,000 | 6,464,000 | 8,429,000 |
Cash and cash equivalents - end of year | 7,652,000 | 8,289,000 | 6,464,000 |
Ferrellgas Partners Finance Corp. [Member] | |||
Cash flows from operating activities: | |||
Net earnings (loss) | (2,348) | (2,149) | (2,038) |
Reconciliation of net earnings (loss) to net cash provided by operating activities: | |||
Deferred tax expense (benefit) | 0 | 0 | 0 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | |||
Net cash provided by (used in) operating activities | (2,348) | (2,149) | (2,038) |
Cash flows from financing activities: | |||
Capital contribution | 2,379 | 2,149 | 2,038 |
Net cash provided by (used in) financing activities | 2,379 | 2,149 | 2,038 |
Increase (decrease) in cash and cash equivalents | 31 | 0 | 0 |
Cash - beginning of year | 969 | 969 | 969 |
Cash - end of year | 1,000 | 969 | 969 |
Ferrellgas, L.P. [Member] | |||
Cash flows from operating activities: | |||
Net earnings (loss) | 46,427,000 | 49,907,000 | 73,375,000 |
Reconciliation of net earnings (loss) to net cash provided by operating activities: | |||
Depreciation and amortization expense | 98,579,000 | 84,202,000 | 83,344,000 |
Non-cash employee stock ownership plan compensation charge | 24,713,000 | 21,789,000 | 15,769,000 |
Non-cash stock and unit-based compensation charge | 25,982,000 | 24,508,000 | 13,545,000 |
Loss on disposal of assets | 7,099,000 | 6,486,000 | 10,421,000 |
Loss on extinguishment of debt | 0 | 6,526,000 | 0 |
Change in fair value of contingent consideration | (6,300,000) | 5,000,000 | |
Provision for doubtful accounts | 3,419,000 | 3,419,000 | 2,066,000 |
Deferred tax expense (benefit) | 270,000 | 88,000 | 133,000 |
Other | 2,921,000 | 4,898,000 | 4,067,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | |||
Accounts and notes receivable, net of securitization | (1,739,000) | (48,087,000) | (5,901,000) |
Inventories | 49,050,000 | (28,738,000) | 15,869,000 |
Prepaid expenses and other current assets | (24,934,000) | (3,994,000) | 6,143,000 |
Accounts payable | (1,547,000) | 16,279,000 | 508,000 |
Accrued interest expense | 5,099,000 | (7,611,000) | (151,000) |
Other current liabilities | 8,250,000 | 8,674,000 | 6,454,000 |
Other liabilities | (20,801,000) | (1,896,000) | 303,000 |
Net cash provided by (used in) operating activities | 216,488,000 | 141,450,000 | 225,945,000 |
Cash flows from investing activities: | |||
Business acquisitions, net of cash acquired | (78,927,000) | (162,019,000) | (37,186,000) |
Capital expenditures | (72,481,000) | (52,572,000) | (40,910,000) |
Proceeds from sale of assets | 5,905,000 | 4,524,000 | 9,980,000 |
Other | (14,000) | (23,000) | 0 |
Net cash used in investing activities | (145,517,000) | (210,090,000) | (68,116,000) |
Cash flows from financing activities: | |||
Distributions | (607,875,000) | (178,426,000) | (177,170,000) |
Capital contribution | 51,047,000 | 51,626,000 | 809,000 |
Proceeds from increase in long-term debt | 628,134,000 | 750,351,000 | 58,356,000 |
Payments on long-term debt | (119,457,000) | (569,841,000) | (3,912,000) |
Net additions to (reductions in) short-term borrowings | 5,800,000 | 19,465,000 | (45,676,000) |
Net additions to collateralized short-term borrowings | 9,000,000 | 8,000,000 | |
Repayments of Other Short-term Debt | (21,000,000) | ||
Cash paid for financing costs | (10,301,000) | (11,414,000) | 0 |
Net cash provided by (used in) financing activities | (73,652,000) | 70,761,000 | (159,593,000) |
Effect of exchange rate changes on cash | (2,000) | (145,000) | (147,000) |
Increase (decrease) in cash and cash equivalents | (2,683,000) | 1,976,000 | (1,911,000) |
Cash and cash equivalents - beginning of year | 8,283,000 | 6,307,000 | 8,218,000 |
Cash and cash equivalents - end of year | 5,600,000 | 8,283,000 | 6,307,000 |
Ferrellgas Finance Corp. [Member] | |||
Cash flows from operating activities: | |||
Net earnings (loss) | (4,108) | (5,289) | (4,999) |
Reconciliation of net earnings (loss) to net cash provided by operating activities: | |||
Deferred tax expense (benefit) | 0 | 0 | 0 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | |||
Net cash provided by (used in) operating activities | (4,108) | (5,289) | (4,999) |
Cash flows from financing activities: | |||
Capital contribution | 4,108 | 5,289 | 4,999 |
Net cash provided by (used in) financing activities | 4,108 | 5,289 | 4,999 |
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash - beginning of year | 1,100 | 1,100 | 1,100 |
Cash - end of year | $ 1,100 | $ 1,100 | $ 1,100 |
Consolidated Statements Of Cas8
Consolidated Statements Of Cash Flows Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Proceeds from equity offering, net of issuance costs of $648, $0 and $0 for the years ended July 31, 2014, 2013 and 2012, respectively | $ 648 | $ 0 | $ 0 |
Partnership Organization And Fo
Partnership Organization And Formation | 12 Months Ended |
Jul. 31, 2015 | |
Partnership Organization And Formation | Partnership organization and formation Ferrellgas Partners, L.P. (“Ferrellgas Partners”) was formed on April 19, 1994 , and is a publicly traded limited partnership, owning an approximate 99% limited partner interest in Ferrellgas, L.P. (the "operating partnership"). Ferrellgas Partners and the operating partnership, collectively referred to as “Ferrellgas,” are both Delaware limited partnerships and are governed by their respective partnership agreements. Ferrellgas Partners was formed to acquire and hold a limited partner interest in the operating partnership. As of July 31, 2015 , Ferrell Companies Inc. beneficially owns 22.8 million of Ferrellgas Partners’ outstanding common units and also owns 100% of Ferrellgas, Inc. Ferrellgas, Inc. (the "general partner") retains a 1% general partner interest in Ferrellgas Partners and also holds an approximate 1% general partner interest in the operating partnership, representing an effective 2% general partner interest in Ferrellgas on a combined basis. As general partner, it performs all management functions required by Ferrellgas. Creditors of the operating partnership have no recourse with regards to Ferrellgas Partners. Ferrellgas Partners is a holding entity that conducts no operations and has two subsidiaries, Ferrellgas Partners Finance Corp. and the operating partnership. Ferrellgas Partners owns a 100% equity interest in Ferrellgas Partners Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of any debt issued by Ferrellgas Partners. The operating partnership is the only operating subsidiary of Ferrellgas Partners. Ferrellgas is engaged in the following primary businesses: • Propane and related equipment sales consists of the distribution of propane and related equipment and supplies. The propane distribution market is seasonal because propane is used primarily for heating in residential and commercial buildings. Ferrellgas serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico. • Midstream operations consists of two reportable operating segments: crude oil logistics and water solutions. The crude oil logistics segment ("Bridger") generates income by providing crude oil transportation and logistics services on behalf of producers and end-users of crude oil. Bridger's services include transportation through its operation of a fleet of trucks and tank trailers and railcars primarily servicing Texas, Lousiana, North Dakota, Pennsylvania, Colorado and Wyoming; pipeline services in North Dakota, Montana, Wyoming, New Mexico, Mississippi, Oklahoma and Texas; and crude oil purchase and sale in connection with pipeline management services. The salt water disposal wells within the water solutions segment are located in the Eagle Ford shale region of south Texas and are a critical component of the oil and natural gas well drilling industry. Oil and natural gas wells generate significant volumes of salt water. In the oil and gas fields Ferrellgas services, these volumes of water are transported by truck away from the fields to salt water disposal wells where a combination of gravity and chemicals are used to separate crude oil from the salt water through a process that results in the collection of "skimming oil". This skimming oil is then captured and sold before the salt water is injected into underground geologic formations using high-pressure pumps. |
Ferrellgas Partners Finance Corp. [Member] | |
Partnership Organization And Formation | Formation Ferrellgas Partners Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on March 28, 1996 and is a wholly-owned subsidiary of Ferrellgas Partners, L.P. (the “Partnership”). The Partnership contributed $1,000 to the Finance Corp. on April 8, 1996 in exchange for 1,000 shares of common stock. The Finance Corp. has nominal assets, does not conduct any operations and has no employees. |
Ferrellgas, L.P. [Member] | |
Partnership Organization And Formation | Partnership organization and formation Ferrellgas, L.P. was formed on April 22, 1994 , and is a Delaware limited partnership. Ferrellgas Partners, L.P. (“Ferrellgas Partners”), a publicly traded limited partnership, holds an approximate 99% limited partner interest in, and consolidates, Ferrellgas, L.P. Ferrellgas, Inc. (the “general partner”), a wholly-owned subsidiary of Ferrell Companies, Inc. (“Ferrell Companies”), holds an approximate 1% general partner interest in Ferrellgas, L.P. and performs all management functions required by Ferrellgas, L.P. Ferrellgas Partners and Ferrellgas, L.P. are governed by their respective partnership agreements. These agreements contain specific provisions for the allocation of net earnings and loss to each of the partners for purposes of maintaining the partner capital accounts. Ferrellgas, L.P. owns a 100% equity interest in Ferrellgas Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of any debt issued by Ferrellgas, L.P. Ferrellgas, L.P. is engaged in the following primary businesses: • Propane and related equipment sales consists of the distribution of propane and related equipment and supplies. The propane distribution market is seasonal because propane is used primarily for heating in residential and commercial buildings. Ferrellgas, L.P. serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico. • Midstream operations consists of two reportable operating segments: crude oil logistics and water solutions. The crude oil logistics segment ("Bridger") generates income by providing crude oil transportation and logistics services on behalf of producers and end-users of crude oil. Bridger's services include transportation through its operation of a fleet of trucks and tank trailers and railcars primarily servicing Texas, Lousiana, North Dakota, Pennsylvania, Colorado and Wyoming; pipeline services in North Dakota, Montana, Wyoming, New Mexico, Mississippi, Oklahoma and Texas; and crude oil purchase and sale in connection with pipeline management services. The salt water disposal wells within the water solutions segment are located in the Eagle Ford shale region of south Texas and are a critical component of the oil and natural gas well drilling industry. Oil and natural gas wells generate significant volumes of salt water. In the oil and gas fields Ferrellgas, L.P. services, these volumes of water are transported by truck away from the fields to salt water disposal wells where a combination of gravity and chemicals are used to separate crude oil from the salt water through a process that results in the collection of "skimming oil". This skimming oil is then captured and sold before the salt water is injected into underground geologic formations using high-pressure pumps. |
Ferrellgas Finance Corp. [Member] | |
Partnership Organization And Formation | Formation Ferrellgas Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on January 16, 2003 and is a wholly-owned subsidiary of Ferrellgas, L.P. (the “Partnership”). The Partnership contributed $1,000 to the Finance Corp. on January 24, 2003 in exchange for 1,000 shares of common stock. The Finance Corp. has nominal assets, does not conduct any operations and has no employees. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Jul. 31, 2015 | |
Significant Accounting Policies | |
Summary Of Significant Accounting Policies | Summary of significant accounting policies (1) Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. (2) Principles of consolidation: The accompanying consolidated financial statements present the consolidated financial position, results of operations and cash flows of Ferrellgas Partners, its wholly-owned subsidiary, Ferrellgas Partners Finance Corp., and the operating partnership, its majority-owned subsidiary, after elimination of all intercompany accounts and transactions. The accounts of Ferrellgas Partners’ majority-owned subsidiary are included based on the determination that the operating partnership is a variable interest entity for whom Ferrellgas Partners has no ability through voting rights or similar rights to make decisions and thus does not have the power to direct the activities of the operating partnership that most significantly impact economic performance. However, Ferrellgas Partners has the obligation to absorb the losses of and the right to receive benefits from the operating partnership that are significant to the operating partnership. Furthermore, assets and liabilities of Ferrellgas Partners consist substantially of the operating partnership. The operating partnership includes the accounts of its wholly-owned subsidiaries. The general partner’s approximate 1% general partner interest in the operating partnership is accounted for as a noncontrolling interest. The wholly-owned consolidated subsidiary of the operating partnership, Ferrellgas Receivables, LLC (“Ferrellgas Receivables”), is a special purpose entity that has agreements with the operating partnership to securitize, on an ongoing basis, a portion of its trade accounts receivable. (3) Supplemental cash flow information: For purposes of the consolidated statements of cash flows, Ferrellgas considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: For the year ended July 31, 2015 2014 2013 CASH PAID FOR: Interest $ 91,783 $ 90,820 $ 84,030 Income taxes $ 712 $ 816 $ 550 NON-CASH INVESTING AND FINANCING ACTIVITIES: Issuance of common units in connection with acquisitions $ 262,952 $ 1,500 $ — Liabilities incurred in connection with acquisitions $ 481 $ 4,312 $ 2,035 Change in accruals for property, plant and equipment additions $ 498 $ 978 $ 533 (4) Fair value measurements: Ferrellgas measures certain of its assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants – in either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability. The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. • Level 1: Quoted prices in active markets for identical assets or liabilities. • Level 2: Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. • Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable. ( 5) Accounts receivable securitization : Through its wholly-owned and consolidated subsidiary Ferrellgas Receivables, Ferrellgas has agreements to securitize, on an ongoing basis, a portion of its trade accounts receivable. (6) Inventories : Inventories are stated at the lower of cost or market using weighted average cost and actual cost methods. (7) Property, plant and equipment: Property, plant and equipment are stated at cost less accumulated depreciation. Expenditures for maintenance and routine repairs are expensed as incurred. Ferrellgas capitalizes computer software, equipment replacement and betterment expenditures that upgrade, replace or completely rebuild major mechanical components and extend the original useful life of the equipment. Depreciation is calculated using the straight-line method based on the estimated useful lives of the assets ranging from two to 30 years. Ferrellgas, using its best estimates based on reasonable and supportable assumptions and projections, reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of its assets might not be recoverable. See Note E – Supplemental financial statement information – for further discussion of property, plant and equipment. (8) Goodwill: Ferrellgas records goodwill as the excess of the cost of acquisitions over the fair value of the related net assets at the date of acquisition. Goodwill recorded is not deductible for income tax purposes. Ferrellgas has determined that it has five reporting units for goodwill impairment testing purposes. Four of these reporting units contain goodwill that is subject to at least an annual assessment for impairment by applying a fair-value-based test. Under this test, the carrying value of each reporting unit is determined by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units as of the date of the evaluation on a specific identification basis. To the extent a reporting unit’s carrying value exceeds its fair value, an indication exists that the reporting unit’s goodwill may be impaired and the second step of the impairment test must be performed. In the second step, the implied fair value of the goodwill is determined by allocating the fair value of all of its assets (recognized and unrecognized) and liabilities to its carrying amount. Ferrellgas has completed the impairment test for the Retail operations, Products and Midstream operations - water solutions reporting units and believes that estimated fair values exceed the carrying values of its reporting units as of January 31, 2015 . Goodwill associated with the Midstream operations - crude oil logistics reporting unit is a result of the acquisition of Bridger on June 24, 2015 . As a result of the significant drop in the price of crude oil and its impact on the results of Midstream operations - water solutions reporting unit during the second half of fiscal 2015, Ferrellgas considered whether the carrying value of this reporting unit no longer exceeded the fair value. Upon applying the fair-value-based test as described above for purposes of the annual impairment test, Ferrellgas concluded that there was no impairment of the Midstream operations - water solutions reporting unit as of July 31, 2015. As of July 31, 2015, Ferrellgas determined that this reporting unit had an estimated fair value in excess of its respective carrying value of approximately 10%. This test primarily consists of a discounted future cash flow model to estimate fair value. The cash flow model includes the following critical assumptions: (1) the NYMEX West Texas Intermediate (“WTI”) crude oil curve as of July 31, 2015 was used to predict future oil prices; (2) the oil skimming rate is expected to correlate to the NYMEX WTI crude oil curve consistent with Ferrellgas’ past history; (3) a terminal period growth rate equal to the expected rate of inflation; and (4) certain organic growth projects will increase the salt water volumes processed as a result of new drilling activity in the Eagle Ford shale region of Texas that are expected to occur as the price of WTI crude oil increases. Ferrellgas believes that the results of this business are closely tied to the price of WTI crude oil and, therefore, if any of these assumptions are not sustained or are not sustained in a timely manner, the Midstream operations - water solutions reporting unit could incur material impairments. In addition to these critical cash flow assumptions, a discount rate of 11.1% was applied to the projected cash flows. A 5% increase, resulting in a discount rate equal to 11.7%, could cause Ferrellgas to fail step one of the goodwill impairment test. If this reporting unit fails step one in the future, we would be required to perform step two of the goodwill impairment test. If we perform step two, up to $29.3 million of goodwill assigned to this reporting unit could be written off in the period that the impairment is triggered. Judgments and assumptions are inherent in management’s estimates used to determine the fair value of Ferrellgas' reporting units and are consistent with what management believes would be utilized by primary market participants. The use of alternate judgments and assumptions could result in the recognition of different levels of impairment charges in the financial statements. (9) Intangible assets: Intangible assets with finite useful lives, consisting primarily of customer related assets, non-compete agreements, permits, favorable lease arrangements and patented technology, are stated at cost, net of accumulated amortization calculated using the straight-line method over periods ranging from two to 15 years. Trade names and trademarks have indefinite lives, are not amortized, and are stated at cost. Ferrellgas tests finite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying amount of these assets might not be recoverable. Ferrellgas tests indefinite-lived intangible assets for impairment annually on January 31 or more frequently if circumstances dictate. Ferrellgas has not recognized impairment losses as a result of these tests. When necessary, intangible assets’ useful lives are revised and the impact on amortization reflected on a prospective basis. See Note G – Goodwill and intangible assets, net – for further discussion of intangible assets. (10) Derivative instruments and hedging activities: Commodity and Transportation Fuel Price Risk. Ferrellgas’ overall objective for entering into commodity based derivative contracts, including commodity options and swaps, is to hedge a portion of its exposure to market fluctuations in propane, gasoline, diesel and crude oil prices. Ferrellgas’ risk management activities primarily attempt to mitigate price risks related to the purchase, storage, transport and sale of propane and crude oil generally in the contract and spot markets from major domestic energy companies on a short-term basis. Ferrellgas attempts to mitigate these price risks through the use of financial derivative instruments and forward propane purchase and sales contracts. Additionally, Ferrellgas risk management activities attempt to mitigate price risks related to the purchase of gasoline and diesel fuel for use in the transport of propane from retail fueling stations through the use of financial derivative instruments. Ferrellgas’ risk management strategy involves taking positions in the forward or financial markets that are equal and opposite to Ferrellgas’ positions in the physical products market in order to minimize the risk of financial loss from an adverse price change. This risk management strategy is successful when Ferrellgas’ gains or losses in the physical product markets are offset by its losses or gains in the forward or financial markets. The propane related financial derivatives are designated as cash flow hedges. The gasoline and diesel related financial derivatives are not formally designated and documented as a hedge of exposure to fluctuations in the market price of fuel. Ferrellgas’ risk management activities may include the use of financial derivative instruments including, but not limited to, swaps, options, and futures to seek protection from adverse price movements and to minimize potential losses. Ferrellgas enters into these financial derivative instruments directly with third parties in the over-the-counter market and with brokers who are clearing members with the New York Mercantile Exchange. All of Ferrellgas’ financial derivative instruments are reported on the consolidated balance sheets at fair value. Ferrellgas also enters into forward propane purchase and sales contracts with counterparties. These forward contracts qualify for the normal purchase normal sales exception within GAAP guidance and are therefore not recorded on Ferrellgas’ financial statements until settled. On the date that derivative contracts are entered into, other than those designated as normal purchases or normal sales, Ferrellgas makes a determination as to whether the derivative instrument qualifies for designation as a hedge. These financial instruments are formally designated and documented as a hedge of a specific underlying exposure, as well as the risk management objectives and strategies for undertaking the hedge transaction. Because of the high degree of correlation between the hedging instrument and the underlying exposure being hedged, fluctuations in the value of the derivative instrument are generally offset by changes in the anticipated cash flows of the underlying exposure being hedged. Since the fair value of these derivatives fluctuates over their contractual lives, their fair value amounts should not be viewed in isolation, but rather in relation to the anticipated cash flows of the underlying hedged transaction and the overall reduction in Ferrellgas’ risk relating to adverse fluctuations in propane prices. Ferrellgas formally assesses, both at inception and at least quarterly thereafter, whether the financial instruments that are used in hedging transactions are effective at offsetting changes in the anticipated cash flows of the related underlying exposures. Any ineffective portion of a financial instrument’s change in fair value is recognized in “Cost of product sold - propane and other gas liquids sales” in the consolidated statements of earnings. Financial instruments formally designated and documented as a hedge of a specific underlying exposure are recorded gross at fair value as either “Prepaid expenses and other current assets”, "Other assets, net", “Other current liabilities”, or "Other liabilities" on the consolidated balance sheets with changes in fair value reported in other comprehensive income. Financial instruments not formally designated and documented as a hedge of a specific underlying exposure are recorded at fair value as “Prepaid expenses and other current assets”, "Other assets, net", “Other current liabilities”, or "Other liabilities" on the consolidated balance sheets with changes in fair value reported in "Cost of sales - midstream operations" and "Operating expense" on the consolidated statements of earnings. Interest Rate Risk. Ferrellgas’ overall objective for entering into interest rate derivative contracts, including swaps, is to manage its exposure to interest rate risk associated with its fixed rate senior notes and its floating rate borrowings from both the secured credit facility and the accounts receivable securitization facility. Fluctuations in interest rates subject Ferrellgas to interest rate risk. Decreases in interest rates increase the fair value of Ferrellgas’ fixed rate debt, while increases in interest rates subject Ferrellgas to the risk of increased interest expense related to its variable rate borrowings. Ferrellgas enters into fair value hedges to help reduce its fixed interest rate risk. Interest rate swaps are used to hedge the exposure to changes in the fair value of fixed rate debt due to changes in interest rates. Fixed rate debt that has been designated as being hedged is recorded at fair value while the fair value of interest rate derivatives that are considered fair value hedges are classified as “Prepaid expenses and other current assets”, “Other assets, net”, Other current liabilities” or as “Other liabilities” on the consolidated balance sheets. Changes in the fair value of fixed rate debt and any related fair value hedges are recognized as they occur in “Interest expense” on the consolidated statements of earnings. Ferrellgas enters into cash flow hedges to help reduce its variable interest rate risk. Interest rate swaps are used to hedge the risk associated with rising interest rates and their effect on forecasted interest payments related to variable rate borrowings. These interest rate swaps are designated as cash flow hedges. Thus, the effective portions of changes in the fair value of the hedges are recorded in “Prepaid expenses and other current assets”, “Other assets, net”, “Other current liabilities” or as “Other liabilities” with an offsetting entry to “Other comprehensive income” at interim periods and are subsequently recognized as interest expense in the consolidated statement of earnings when the forecasted transaction impacts earnings. Changes in the fair value of any cash flow hedges that are considered ineffective are recognized as interest expense on the consolidated statement of earnings as they occur. (11) Revenue recognition: Revenues from Ferrellgas' propane and related equipment sales segment are recognized at the time product is delivered with payments generally due 30 days after receipt. Amounts are considered past due after 30 days. Ferrellgas determines accounts receivable allowances based on management’s assessment of the creditworthiness of the customers and other collection actions. Ferrellgas offers “even pay” billing programs that can create customer deposits or advances. Revenue is recognized from these customer deposits or advances to customers at the time product is delivered. Other revenues, which include revenue from the sale of propane appliances and equipment is recognized at the time of delivery or installation. Ferrellgas recognizes shipping and handling revenues and expenses for sales of propane, appliances and equipment at the time of delivery or installation. Shipping and handling revenues are included in the price of propane charged to customers, and are classified as revenue. Revenues from annually billed, non-refundable propane tank rentals are recognized in “Revenues: other” on a straight-line basis over one year . Revenues from Ferrellgas' midstream operations - crude oil logistics segment include crude oil sales, pipeline tariffs, trucking fees, rail throughput fees, pipeline management services, leasing, throughput, and storage; all items deemed as being associated with the transportation of crude oil. These revenues are recognized upon completion of the related service or delivery of product. Revenues from Ferrellgas' midstream operations - water solutions segment are recognized when there is persuasive evidence that an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable and collectability is reasonably assured. Salt water disposal revenues are based on Ferrellgas’ published or negotiated water disposal rates. Customers deliver salt water to be disposed to facilities and revenue is recognized when actual volumes of water are off-loaded at the facilities. Skimming oil disposal revenues are determined based on published rates subject to adjustments based on the quality of the oil sold and are recognized when actual volumes are delivered to the customer who determines the quality of the oil and collectability is reasonably assured. Amounts are considered past due after 30 days. Ferrellgas determines accounts receivable allowances based on management’s assessment of the creditworthiness of the customers and other collection actions. (12) Shipping and handling expenses: Shipping and handling expenses related to delivery personnel, vehicle repair and maintenance and general liability expenses are classified within “Operating expense” in the consolidated statements of earnings. Depreciation expenses on delivery vehicles Ferrellgas owns are classified within “Depreciation and amortization expense.” Delivery vehicles and distribution technology leased by Ferrellgas are classified within “Equipment lease expense.” See Note E – Supplemental financial statement information – for the financial statement presentation of shipping and handling expenses. (13) Cost of sales: “Cost of sales – propane and other gas liquids sales” includes all costs to acquire propane and other gas liquids, the costs of storing and transporting inventory prior to delivery to Ferrellgas’ customers, the results from risk management activities to hedge related price risk and the costs of materials related to the refurbishment of Ferrellgas’ portable propane tanks. "Cost of sales - midstream operations" includes all costs incurred to purchase and transport crude oil, including the costs of terminaling and transporting crude oil prior to delivery to customers and transportation cost related to the processing and disposal of salt water. “Cost of sales – other” primarily includes costs related to the sale of propane appliances and equipment. (14) Operating expenses: “Operating expense” primarily includes the personnel, vehicle, delivery, handling, plant, office, selling, marketing, credit and collections and other expenses related to the retail distribution of propane and related equipment and supplies. Within midstream operations, "Operating expense" includes plant, office, selling, marketing, credit and collections and other expense. (15) General and administrative expenses: “General and administrative expense” primarily includes personnel and incentive expense related to executives, and employees and other overhead expense related to centralized corporate functions. (16) Stock-based plans: Ferrell Companies, Inc. Incentive Compensation Plans (“ICPs”) The ICPs are not Ferrellgas stock-compensation plans; however, in accordance with Ferrellgas’ partnership agreements, all Ferrellgas employee-related costs incurred by Ferrell Companies are allocated to Ferrellgas. As a result, Ferrellgas incurs a non-cash compensation charge from Ferrell Companies. During the years ended July 31, 2015 , 2014 and 2013 , the portion of the total non-cash compensation charge relating to the ICPs was $ 25.6 million, $ 24.5 million and $ 13.5 million, respectively. Ferrell Companies is authorized to issue up to 9.25 million stock appreciation rights (“SARs”) that are based on shares of Ferrell Companies common stock. The SARs were established by Ferrell Companies to allow upper-middle and senior level managers as well as directors of the general partner to participate in the equity growth of Ferrell Companies. The SARs awards vest ratably over periods ranging from zero to 12 years or 100% upon a change of control of Ferrell Companies, or upon the death, disability or retirement at the age of 65 of the participant. All awards expire 10 or 15 years from the date of issuance. The fair value of each award is estimated on each balance sheet date using a binomial valuation model. Effective July 31, 2015, Ferrell Companies is authorized to issue deferred appreciation right ("DARs") awards that are based on shares of Ferrell Companies common stock. The DAR awards were established by Ferrell Companies to allow upper-middle and senior level managers as well as directors of the general partner to participate in the equity growth of Ferrell Companies. The DAR awards vest ratably over periods ranging from zero to 12 years or 100% upon a change of control of Ferrell Companies, or upon the death, disability or retirement at the age of 65 of the participant. All awards expire 10 or 15 years from the date of issuance. The fair value of each award is estimated on each balance sheet date using a binomial valuation model. (17) Income taxes: Ferrellgas Partners is a publicly-traded master limited partnership with one subsidiary that is a taxable corporation. The operating partnership is a limited partnership with three subsidiaries that are taxable corporations. Partnerships are generally not subject to federal income tax, although publicly-traded partnerships are treated as corporations for federal income tax purposes and therefore subject to Federal income tax unless a qualifying income test is satisfied. If this qualifying income test is satisfied, the publicly-traded partnership will be treated as a partnership for Federal income tax purposes. Based on Ferrellgas’ calculations, Ferrellgas Partners satisfies the qualifying income test. As a result, except for the taxable corporations, Ferrellgas Partners’ earnings or losses for Federal income tax purposes are included in the tax returns of the individual partners, Ferrellgas Partners’ unitholders. Accordingly, the accompanying consolidated financial statements of Ferrellgas Partners reflect federal income taxes related to the above mentioned taxable corporations and certain states that allow for income taxation of partnerships. Net earnings for financial statement purposes may differ significantly from taxable income reportable to Ferrellgas Partners unitholders as a result of differences between the tax basis and financial reporting basis of assets and liabilities, the taxable income allocation requirements under Ferrellgas Partners’ partnership agreement and differences between Ferrellgas Partners financial reporting year end and its calendar tax year end. Income tax expense consisted of the following: For the year ended July 31, 2015 2014 2013 Current expense (benefit) $ (585 ) $ 2,428 $ 1,722 Deferred expense 270 88 133 Income tax expense (benefit) $ (315 ) $ 2,516 $ 1,855 Deferred taxes consisted of the following: July 31, 2015 2014 Deferred tax assets $ 724 $ 1,152 Deferred tax liabilities (4,157 ) (4,313 ) Net deferred tax liability $ (3,433 ) $ (3,161 ) (18) Sales taxes: Ferrellgas accounts for the collection and remittance of sales tax on a net tax basis. As a result, these amounts are not reflected in the consolidated statements of earnings. (19) Net earnings per common unitholders’ interest: Net earnings per common unitholders’ interest is computed by dividing “Net earnings attributable to Ferrellgas Partners, L.P.,” after deducting the general partner's 1% interest, by the weighted average number of outstanding common units and the dilutive effect, if any, of outstanding unit options. See Note O – Net earnings per common unitholders’ interest – for further discussion about these calculations. (20) Loss contingencies: In the normal course of business, Ferrellgas is involved in various claims and legal proceedings. Ferrellgas records a liability for such matters when it is probable that a loss has been incurred and the amounts can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. Legal costs associated with these loss contingencies are expensed as incurred. (21) New accounting standards: Financial Accounting Standards Board ("FASB") Accounting Standard Update ("ASU") No. 2011-08 In September 2011, the FASB issued ASU 2011-08, which amends the existing guidance on goodwill impairment testing. Under the new guidance, entities testing goodwill for impairment have the option of performing a qualitative assessment before calculating the fair value of the reporting unit. If an entity determines, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not less than the carrying amount, the two-step impairment test would be required. This guidance is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Ferrellgas' adoption of this guidance in fiscal 2013 did not have a significant impact on its financial position, results of operations or cash flows. FASB Accounting Standard Update No. 2012-02 In July 2012, the FASB issued ASU 2012-02, which amends the existing guidance on impairment testing of indefinite-lived intangible assets. Under the new guidance, entities testing indefinite-lived intangible assets for impairment have the option of performing a qualitative assessment before calculating the fair value of the asset. If an entity determines, on the basis of qualitative factors, that the fair value of the asset is more likely than not less than the carrying amount, the two-step impairment test would be required. This guidance is effective for annual and interim indefinite-lived intangible asset impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. Ferrellgas' adoption of this guidance in fiscal 2013 did not have a significant impact on its financial position, results of operations or cash flows. FASB Accounting Standard Update No. 2014-09 In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board (IASB) to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and IFRS and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Early application is not permitted. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas is currently evaluating the newly issued guidance, including which transition approach will be applied and the estimated impact it will have on the consolidated financial statements. FASB Accounting Standard Update No. 2014-08 In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , to change the criteria for determining which disposals can be presented as discontinued operations and enhanced the related disclosure requirements. ASU 2014-08 is effective for us on a prospective basis in Ferrellgas' first quarter of fiscal 2016 with early adoption permitted for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued. Ferrellgas does not expect the adoption of ASU 2014-08 to have a material impact on the consolidated financial statements. FASB Accounting Standard Update No. 2015-02 In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis , which provides additional guidance on the consolidation of limited partnerships and on the evaluation of variable interest entities. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. Ferrellgas is currently evaluating the impact of our pending adoption of ASU 2015-02 on the consolidated financial statements . FASB Accounting Standard Update No. 2015-03 In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying value of the debt liability. ASU 2015-03 is effective for fisca |
Ferrellgas, L.P. [Member] | |
Significant Accounting Policies | |
Summary Of Significant Accounting Policies | Summary of significant accounting policies (1) Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. (2) Principles of consolidation: The accompanying consolidated financial statements present the consolidated financial position, results of operations and cash flows of Ferrellgas, L.P. and its subsidiaries after elimination of all intercompany accounts and transactions. Ferrellgas, L.P. consolidates the following wholly-owned entities: Bridger Logistics, LLC, Sable Environmental, LLC, Sable SWD 2, LLC, Blue Rhino Global Sourcing, Inc., Blue Rhino Canada, Inc., Ferrellgas Real Estate, Inc., Ferrellgas Finance Corp. and Ferrellgas Receivables, LLC (“Ferrellgas Receivables”), a special purpose entity that has agreements with Ferrellgas, L.P. to securitize, on an ongoing basis, a portion of its trade accounts receivable. (3) Supplemental cash flow information: For purposes of the consolidated statements of cash flows, Ferrellgas, L.P. considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: For the year ended July 31, 2015 2014 2013 CASH PAID FOR: Interest $ 76,085 $ 75,121 $ 68,334 Income taxes $ 643 $ 771 $ 534 NON-CASH INVESTING AND FINANCING ACTIVITIES: Assets contributed from Ferrellgas Partners in connection with acquisitions $ 825,452 $ 1,500 $ — Liabilities incurred in connection with acquisitions $ 481 $ 4,312 $ 2,035 Change in accruals for property, plant and equipment additions $ 498 $ 978 $ 533 (4) Fair value measurements: Ferrellgas, L.P. measures certain of its assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants – in either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability. The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. • Level 1: Quoted prices in active markets for identical assets or liabilities. • Level 2: Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. • Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable. (5) Accounts receivable securitization: Through its wholly-owned and consolidated subsidiary Ferrellgas Receivables, Ferrellgas, L.P. has agreements to securitize, on an ongoing basis, a portion of its trade accounts receivable. (6) Inventories: Inventories are stated at the lower of cost or market using weighted average cost and actual cost methods. (7) Property, plant and equipment: Property, plant and equipment are stated at cost less accumulated depreciation. Expenditures for maintenance and routine repairs are expensed as incurred. Ferrellgas, L.P. capitalizes computer software, equipment replacement and betterment expenditures that upgrade, replace or completely rebuild major mechanical components and extend the original useful life of the equipment. Depreciation is calculated using the straight-line method based on the estimated useful lives of the assets ranging from two to 30 years. Ferrellgas, L.P., using its best estimates based on reasonable and supportable assumptions and projections, reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of its assets might not be recoverable. See Note E – Supplemental financial statement information – for further discussion of property, plant and equipment. (8) Goodwill: Ferrellgas, L.P. records goodwill as the excess of the cost of acquisitions over the fair value of the related net assets at the date of acquisition. Goodwill recorded is not deductible for income tax purposes. Ferrellgas, L.P. has determined that it has five reporting units for goodwill impairment testing purposes. Four of these reporting units contain goodwill that is subject to at least an annual assessment for impairment by applying a fair-value-based test. Under this test, the carrying value of each reporting unit is determined by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units as of the date of the evaluation on a specific identification basis. To the extent a reporting unit’s carrying value exceeds its fair value, an indication exists that the reporting unit’s goodwill may be impaired and the second step of the impairment test must be performed. In the second step, the implied fair value of the goodwill is determined by allocating the fair value of all of its assets (recognized and unrecognized) and liabilities to its carrying amount. Ferrellgas, L.P. has completed the impairment test for the Retail operations, Products and Midstream operations - water solutions reporting units and believes that estimated fair values exceed the carrying values of its reporting units as of January 31, 2015 . Goodwill associated with the Midstream operations - crude oil logistics reporting unit is a result of the acquisition of Bridger on June 24, 2015. As a result of the significant drop in the price of crude oil and its impact on the results of Midstream operations - water solutions reporting unit during the second half of fiscal 2015, Ferrellgas, L.P. considered whether the carrying value of this reporting unit no longer exceeded the fair value. Upon applying the fair-value-based test as described above for purposes of the annual impairment test, Ferrellgas, L.P. concluded that there was no impairment of the Midstream operations - water solutions reporting unit as of July 31, 2015. As of July 31, 2015, Ferrellgas, L.P. determined that this reporting unit had an estimated fair value in excess of its respective carrying value of approximately 10%. This test primarily consists of a discounted future cash flow model to estimate fair value. The cash flow model includes the following critical assumptions: (1) the NYMEX West Texas Intermediate (“WTI”) crude oil curve as of July 31, 2015 was used to predict future oil prices; (2) the oil skimming rate is expected to correlate to the NYMEX WTI crude oil curve consistent with Ferrellgas, L.P.’s past history; (3) a terminal period growth rate equal to the expected rate of inflation; and (4) certain organic growth projects will increase the salt water volumes processed as a result of new drilling activity in the Eagle Ford shale region of Texas that are expected to occur as the price of WTI crude oil increases. Ferrellgas, L.P. believes that the results of this business are closely tied to the price of WTI crude oil and, therefore, if any of these assumptions are not sustained or are not sustained in a timely manner, the Midstream operations - water solutions reporting unit could incur material impairments. In addition to these critical cash flow assumptions, a discount rate of 11.1% was applied to the projected cash flows. A 5% increase, resulting in a discount rate equal to 11.7%, could cause Ferrellgas, L.P. to fail step one of the goodwill impairment test. If this reporting unit fails step one in the future, we would be required to perform step two of the goodwill impairment test. If we perform step two, up to $29.3 million of goodwill assigned to this reporting unit could be written off in the period that the impairment is triggered. Judgments and assumptions are inherent in management’s estimates used to determine the fair value of Ferrellgas, L.P.'s reporting units and are consistent with what management believes would be utilized by primary market participants. The use of alternate judgments and assumptions could result in the recognition of different levels of impairment charges in the financial statements. (9) Intangible assets: Intangible assets with finite useful lives, consisting primarily of customer related assets, non-compete agreements, permits, favorable lease arrangements and patented technology, are stated at cost, net of accumulated amortization calculated using the straight-line method over periods ranging from two to 15 years. Trade names and trademarks have indefinite lives, are not amortized, and are stated at cost. Ferrellgas, L.P. tests finite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying amount of these assets might not be recoverable. Ferrellgas, L.P. tests indefinite-lived intangible assets for impairment annually on January 31 or more frequently if circumstances dictate. Ferrellgas, L.P. has not recognized impairment losses as a result of these tests. When necessary, intangible assets’ useful lives are revised and the impact on amortization reflected on a prospective basis. See Note G – Goodwill and intangible assets, net – for further discussion of intangible assets. (10) Derivative instruments and hedging activities: Commodity and Transportation Fuel Price Risk. Ferrellgas, L.P.’s overall objective for entering into commodity based derivative contracts, including commodity options and swaps, is to hedge a portion of its exposure to market fluctuations in propane, gasoline, diesel and crude oil prices. Ferrellgas, L.P's risk management activities primarily attempt to mitigate price risks related to the purchase, storage, transport and sale of propane and crude oil generally in the contract and spot markets from major domestic energy companies on a short-term basis. Ferrellgas, L.P attempts to mitigate these price risks through the use of financial derivative instruments and forward propane purchase and sales contracts. Additionally, Ferrellgas, L.P.'s risk management activities attempt to mitigate price risks related to the purchase of gasoline and diesel fuel for use in the transport of propane from retail fueling stations through the use of financial derivative instruments. Ferrellgas, L.P.’s risk management strategy involves taking positions in the forward or financial markets that are equal and opposite to Ferrellgas, L.P.’s positions in the physical products market in order to minimize the risk of financial loss from an adverse price change. This risk management strategy is successful when Ferrellgas, L.P.’s gains or losses in the physical product markets are offset by its losses or gains in the forward or financial markets. These financial derivatives are designated as cash flow hedges. The gasoline and diesel related financial derivatives are not formally designated and documented as a hedge of exposure to fluctuations in the market price of fuel. Ferrellgas, L.P.’s risk management activities may include the use of financial derivative instruments including, but not limited to, swaps, options, and futures to seek protection from adverse price movements and to minimize potential losses. Ferrellgas, L.P. enters into these financial derivative instruments directly with third parties in the over-the-counter market and with brokers who are clearing members with the New York Mercantile Exchange. All of Ferrellgas, L.P.’s financial derivative instruments are reported on the consolidated balance sheets at fair value. Ferrellgas, L.P. also enters into forward propane purchase and sales contracts with counterparties. These forward contracts qualify for the normal purchase normal sales exception within GAAP guidance and are therefore not recorded on Ferrellgas, L.P.’s financial statements until settled. On the date that derivative contracts are entered into, other than those designated as normal purchases or normal sales, Ferrellgas, L.P. makes a determination as to whether the derivative instrument qualifies for designation as a hedge. These financial instruments are formally designated and documented as a hedge of a specific underlying exposure, as well as the risk management objectives and strategies for undertaking the hedge transaction. Because of the high degree of correlation between the hedging instrument and the underlying exposure being hedged, fluctuations in the value of the derivative instrument are generally offset by changes in the anticipated cash flows of the underlying exposure being hedged. Since the fair value of these derivatives fluctuates over their contractual lives, their fair value amounts should not be viewed in isolation, but rather in relation to the anticipated cash flows of the underlying hedged transaction and the overall reduction in Ferrellgas, L.P.’s risk relating to adverse fluctuations in propane prices. Ferrellgas, L.P. formally assesses, both at inception and at least quarterly thereafter, whether the financial instruments that are used in hedging transactions are effective at offsetting changes in the anticipated cash flows of the related underlying exposures. Any ineffective portion of a financial instrument’s change in fair value is recognized in “Cost of product sold - propane and other gas liquids sales” in the consolidated statements of earnings. Financial instruments formally designated and documented as a hedge of a specific underlying exposure are recorded gross at fair value as either “Prepaid expenses and other current assets”, "Other assets, net", “Other current liabilities” or "Other liabilities" on the consolidated balance sheets with changes in fair value reported in other comprehensive income. Financial instruments not formally designated and documented as a hedge of a specific underlying exposure are recorded at fair value as “Prepaid expenses and other current assets”, "Other assets, net", “Other current liabilities”, or "Other liabilities" on the consolidated balance sheets with changes in fair value reported in "Cost of sales - midstream operations" and "Operating expense" on the consolidated statements of earnings. Interest Rate Risk. Ferrellgas, L.P.’s overall objective for entering into interest rate derivative contracts, including swaps, is to manage its exposure to interest rate risk associated with its fixed rate senior notes and its floating rate borrowings from both the secured credit facility and the accounts receivable securitization facility. Fluctuations in interest rates subject Ferrellgas, L.P. to interest rate risk. Decreases in interest rates increase the fair value of Ferrellgas, L.P.’s fixed rate debt, while increases in interest rates subject Ferrellgas, L.P. to the risk of increased interest expense related to its variable rate borrowings. Ferrellgas, L.P. enters into fair value hedges to help reduce its fixed interest rate risk. Interest rate swaps are used to hedge the exposure to changes in the fair value of fixed rate debt due to changes in interest rates. Fixed rate debt that has been designated as being hedged is recorded at fair value while the fair value of interest rate derivatives that are considered fair value hedges are classified as “Prepaid expenses and other current assets”, “Other assets, net”, “Other current liabilities” or as “Other liabilities” on the consolidated balance sheets. Changes in the fair value of fixed rate debt and any related fair value hedges are recognized as they occur in “Interest expense” on the consolidated statements of earnings. Ferrellgas, L.P. enters into cash flow hedges to help reduce its variable interest rate risk. Interest rate swaps are used to hedge the risk associated with rising interest rates and their effect on forecasted interest payments related to variable rate borrowings. These interest rate swaps are designated as cash flow hedges. Thus, the effective portions of changes in the fair value of the hedges are recorded in “Prepaid expenses and other current assets”, “Other assets, net”, “Other current liabilities” or as “Other liabilities” with an offsetting entry to “Other comprehensive income” at interim periods and are subsequently recognized as interest expense in the consolidated statement of earnings when the forecasted transaction impacts earnings. Changes in the fair value of any cash flow hedges that are considered ineffective are recognized as interest expense on the consolidated statement of earnings as they occur. (11) Revenue recognition: Revenues from Ferrellgas, L.P.'s propane and related equipment sales segment are recognized at the time product is delivered with payments generally due 30 days after receipt. Amounts are considered past due after 30 days. Ferrellgas, L.P. determines accounts receivable allowances based on management’s assessment of the creditworthiness of the customers and other collection actions. Ferrellgas, L.P. offers “even pay” billing programs that can create customer deposits or advances. Revenue is recognized from these customer deposits or advances to customers at the time product is delivered. Other revenues, which include revenue from the sale of propane appliances and equipment is recognized at the time of delivery or installation. Ferrellgas, L.P. recognizes shipping and handling revenues and expenses for sales of propane, appliances and equipment at the time of delivery or installation. Shipping and handling revenues are included in the price of propane charged to customers, and are classified as revenue. Revenues from annually billed, non-refundable propane tank rentals are recognized in “Revenues: other” on a straight-line basis over one year . Revenues from Ferrellgas, L.P.'s midstream operations - crude oil logistics segment include crude oil sales, pipeline tariffs, trucking fees, rail throughput fees, pipeline management services, leasing, throughput, and storage; all items deemed as being associated with the transportation of crude oil. These revenues are recognized upon completion of the related service or delivery of product. Revenues from Ferrellgas, L.P.'s midstream operations - water solutions segment are recognized when there is persuasive evidence that an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable and collectability is reasonably assured. Salt water disposal revenues are based on Ferrellgas, L.P.'s published or negotiated water disposal rates. Customers deliver salt water to be disposed to facilities and revenue is recognized when actual volumes of water are off-loaded at the facilities. Skimming oil disposal revenues are determined based on published rates subject to adjustments based on the quality of the oil sold and are recognized when actual volumes are delivered to the customer who determines the quality of the oil and collectability is reasonably assured. Amounts are considered past due after 30 days. Ferrellgas, L.P. determines accounts receivable allowances based on management’s assessment of the creditworthiness of the customers and other collection actions. (12) Shipping and handling expenses: Shipping and handling expenses related to delivery personnel, vehicle repair and maintenance and general liability expenses are classified within “Operating expense” in the consolidated statements of earnings. Depreciation expenses on delivery vehicles Ferrellgas, L.P. owns are classified within “Depreciation and amortization expense.” Delivery vehicles and distribution technology leased by Ferrellgas, L.P. are classified within “Equipment lease expense.” See Note E – Supplemental financial statement information – for the financial statement presentation of shipping and handling expenses. (13) Cost of sales: “Cost of sales – propane and other gas liquids sales” includes all costs to acquire propane and other gas liquids, the costs of storing and transporting inventory prior to delivery to Ferrellgas, L.P.’s customers, the results from risk management activities to hedge related price risk and the costs of materials related to the refurbishment of Ferrellgas, L.P.’s portable propane tanks. "Cost of sales - midstream operations" includes all costs incurred to purchase and transport crude oil, including the costs of terminaling and transporting crude oil prior to delivery to customers and transportation cost related to the processing and disposal of salt water. “Cost of sales – other” primarily includes costs related to the sale of propane appliances and equipment. (14) Operating expenses: “Operating expense” primarily includes the personnel, vehicle, delivery, handling, plant, office, selling, marketing, credit and collections and other expenses related to the retail distribution of propane and related equipment and supplies. Within midstream operations, "Operating expense" includes plant, office, selling, marketing, credit and collections and other expense. (15) General and administrative expenses: “ General and administrative expense” primarily includes personnel and incentive expense related to executives, and employees and other overhead expense related to centralized corporate functions. (16) Stock-based plans: Ferrell Companies, Inc. Incentive Compensation Plans (“ICPs”) The ICPs are not Ferrellgas, L.P. stock-compensation plans; however, in accordance with Ferrellgas, L.P.’s partnership agreements, all Ferrellgas, L.P. employee-related costs incurred by Ferrell Companies are allocated to Ferrellgas, L.P. As a result, Ferrellgas, L.P. incurs a non-cash compensation charge from Ferrell Companies. During the years ended July 31, 2015 , 2014 and 2013 , the portion of the total non-cash compensation charge relating to the ICPs was $25.6 million, $24.5 million and $13.5 million, respectively. Ferrell Companies is authorized to issue up to 9.25 million stock appreciation rights (“SARs”) that are based on shares of Ferrell Companies common stock. The SARs were established by Ferrell Companies to allow upper-middle and senior level managers as well as directors of the general partner to participate in the equity growth of Ferrell Companies. The SARs awards vest ratably over periods ranging from zero to 12 years or 100% upon a change of control of Ferrell Companies, or upon the death, disability or retirement at the age of 65 of the participant. All awards expire 10 or 15 years from the date of issuance. The fair value of each award is estimated on each balance sheet date using a binomial valuation model. Effective July 31, 2015, Ferrell Companies is authorized to issue deferred appreciation right ("DARs") awards that are based on shares of Ferrell Companies common stock. The DAR awards were established by Ferrell Companies to allow upper-middle and senior level managers as well as directors of the general partner to participate in the equity growth of Ferrell Companies. The DAR awards vest ratably over periods ranging from zero to 12 years or 100% upon a change of control of Ferrell Companies, or upon the death, disability or retirement at the age of 65 of the participant. All awards expire 10 or 15 years from the date of issuance. The fair value of each award is estimated on each balance sheet date using a binomial valuation model. (17) Income taxes: Ferrellgas, L.P. is a limited partnership and owns three subsidiaries that are taxable corporations. As a result, except for the taxable corporations, Ferrellgas, L.P.’s earnings or losses for federal income tax purposes are included in the tax returns of the individual partners. Accordingly, the accompanying consolidated financial statements of Ferrellgas, L.P. reflect federal income taxes related to the above mentioned taxable corporations and certain states that allow for income taxation of partnerships. Net earnings for financial statement purposes may differ significantly from taxable income reportable to partners as a result of differences between the tax basis and financial reporting basis of assets and liabilities, the taxable income allocation requirements under Ferrellgas, L.P.’s partnership agreement and differences between Ferrellgas, L.P.’s financial reporting year end and limited partners tax year end. Income tax expense consisted of the following: For the year ended July 31, 2015 2014 2013 Current expense (benefit) $ (654 ) $ 2,383 $ 1,705 Deferred expense 270 88 133 Income tax expense $ (384 ) $ 2,471 $ 1,838 Deferred taxes consisted of the following: July 31, 2015 2014 Deferred tax assets $ 724 $ 1,152 Deferred tax liabilities (4,157 ) (4,313 ) Net deferred tax liability $ (3,433 ) $ (3,161 ) (18) Sales taxes: Ferrellgas, L.P. accounts for the collection and remittance of sales tax on a net tax basis. As a result, these amounts are not reflected in the consolidated statements of earnings. (19) Loss contingencies: In the normal course of business, Ferrellgas, L.P. is involved in various claims and legal proceedings. Ferrellgas, L.P. records a liability for such matters when it is probable that a loss has been incurred and the amounts can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. Legal costs associated with these loss contingencies are expensed as incurred. (20) New accounting standards: Financial Accounting Standards Board ("FASB") Accounting Standard Update ("ASU") No. 2011-08 In September 2011, the FASB issued ASU 2011-08, which amends the existing guidance on goodwill impairment testing. Under the new guidance, entities testing goodwill for impairment have the option of performing a qualitative assessment before calculating the fair value of the reporting unit. If an entity determines, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not less than the carrying amount, the two-step impairment test would be required. This guidance is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Ferrellgas, L.P.'s adoption of this guidance in fiscal 2013 did not have a significant impact on its financial position, results of operations or cash flows. FASB Accounting Standard Update No. 2012-02 In July 2012, the FASB issued ASU 2012-02, which amends the existing guidance on impairment testing of indefinite-lived intangible assets. Under the new guidance, entities testing indefinite-lived intangible assets for impairment have the option of performing a qualitative assessment before calculating the fair value of the asset. If an entity determines, on the basis of qualitative factors, that the fair value of the asset is more likely than not less than the carrying amount, the two-step impairment test would be required. This guidance is effective for annual and interim indefinite-lived intangible asset impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. Ferrellgas, L.P.'s adoption of this guidance in fiscal 2013 did not have a significant impact on its financial position, results of operations or cash flows. FASB Accounting Standard Update No. 2014-09 In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board (IASB) to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and IFRS and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas, L.P. for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Early application is not permitted. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas, L.P. is currently evaluating the newly issued guidance, including which transition approach will be applied and the estimated impact it will have on the consolidated financial statements. FASB Accounting Standard Update No. 2014-08 In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , to change the criteria for determining which disposals can be presented as discontinued operations and enhanced the related disclosure requirements. ASU 2014-08 is effective for us on a prospective basis in Ferrellgas, L.P.'s first quarter of fiscal 2016 with early adoption permitted for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued. Ferrellgas, L.P. does not expect the adoption of ASU 2014-08 to have a material impact on the consolidated financial statements. FASB Accounting Standard Update No. 2015-02 In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis which provides additional guidance on the consolidation of limited partnerships and on the evaluation of variable interest entities. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. Ferrellgas, L.P. is currently evaluating the impact of our pending adoption of ASU 2015-02 on the consolidated financial statements . FASB Accounting Standard Update No. 2015-03 In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying value of the debt liability. ASU 2015-03 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted, and retrospective application required. Ferrellgas, L.P. is currently evaluating the impact of our pending adoption of ASU 2015-03 on the consolidated financial statements . |
Business Combinations
Business Combinations | 12 Months Ended |
Jul. 31, 2015 | |
Business Combinations | Business combinations Business combinations are accounted for under the acquisition method of accounting and the assets acquired and liabilities assumed are recorded at their estimated fair market values as of the acquisition dates. The results of operations are included in the consolidated statements of earnings from the date of acquisition. The pro forma effect of these transactions was not material to Ferrellgas' balance sheets or results of operations, except for Bridger as noted below. Propane and related equipment sales During July 2015 , Ferrellgas acquired the assets of Propane Advantage, LLC, based in Utah, with an aggregate value of $7.7 million . During fiscal 2014 , Ferrellgas acquired seven propane distribution assets with an aggregate value of $38.7 million in the following transactions: • KanGas, based in Kansas, acquired November 2013; • Motor Propane, based in Wisconsin, acquired December 2013; • Country Boys Propane, based in Georgia, acquired March 2014; • Viking Propane, based in California, acquired May 2014; • Kaw Valley Propane, based in Kansas, acquired June 2014; • Wise Choice Propane, based in Ohio, acquired July 2014; and • Sharp Propane, based in Texas, acquired July 2014. During fiscal 2013 , Ferrellgas acquired propane distribution and grilling tool assets with an aggregate value of $39.2 million in the following transactions: • Capitol City Propane, based in California, acquired September 2012; • Flores Gas, based in Texas, acquired October 2012; • IGS Propane, based in Connecticut, acquired December 2012; • Mr. Bar-B-Q, based in New York, acquired March 2013; and • Western Petroleum, based in Utah, acquired April 2013. The goodwill arising from the propane and related equipment sales acquisitions consists largely of the synergies and economies of scale expected from combining the operations of Ferrellgas and the acquired companies. These acquisitions, were funded as follows on their dates of acquisition: For the year ended July 31, 2015 2014 2013 Cash payments, net of cash acquired $ 4,250 $ 34,219 $ 37,186 Issuance of liabilities and other costs and considerations 481 2,942 2,035 Common units, net of issuance costs 3,000 1,500 — Aggregate fair value of transactions $ 7,731 $ 38,661 $ 39,221 The aggregate fair values, for the acquisitions in propane and related equipment sales reporting segment, were allocated as follows, including any adjustments identified during the measurement period: For the year ended July 31, 2015 2014 2013 Working capital $ 233 $ (919 ) $ 7,302 Customer tanks, buildings, land and other 236 14,519 5,155 Goodwill — 2,922 4,640 Customer lists 6,569 19,480 12,211 Non-compete agreements 693 2,659 944 Other intangibles — — 5,678 Trade names & trademarks — — 3,291 Aggregate fair value of net assets acquired $ 7,731 $ 38,661 $ 39,221 Midstream operations - Water solutions During fiscal 2015 , Ferrellgas acquired salt water disposal assets with an aggregate value of $74.7 million in the following transactions, which includes $1.4 million paid in fiscal 2015 as a working capital and valuation adjustment for prior year acquisitions: • C&E Production, LLC, based in Texas, acquired September 2014; and • Segrest Saltwater Resources, based in Texas, acquired May 2015. During fiscal 2014, Ferrellgas acquired salt water disposal assets with an aggregate value of $130.3 million relating to the midstream - water solutions segment. This included the acquisitions of Sable Environmental, LLC and Sable SWD 2, LLC ("Sable"), based in Corpus Christi, Texas and Dietert SWD, based in LaSalle County, Texas. The Sable acquisition was funded through borrowings from the secured credit facility, and subsequently Sable's ownership group purchased $50.0 million of Ferrellgas Partners common units. The excess of purchase consideration over net assets assumed was recorded as goodwill, which represents the strategic value assigned to Sable, including the knowledge and experience of the workforce in place. These acquisitions were funded as follows on their dates of acquisition: For the year ended July 31, 2015 2014 2013 Cash payments. net of cash acquired $ 74,677 $ 127,785 $ — Issuance of liabilities and other costs and considerations — 2,555 — Aggregate fair value of transactions $ 74,677 $ 130,340 $ — The aggregate fair values, for these acquisitions were allocated as follows: For the year ended July 31, 2015 2014 2013 Working capital $ 1,155 $ 490 $ — Customer tanks, buildings, land and other 1,704 622 — Salt water disposal wells 10,705 24,288 — Goodwill 12,359 16,957 — Customer relationships 38,846 64,000 — Non-compete agreements 3,639 13,300 — Permits and favorable lease arrangements 6,269 10,683 — Aggregate fair value of net assets acquired $ 74,677 $ 130,340 $ — The acquisition of Sable included contingent consideration which requires Ferrellgas to pay the former owners of Sable a multiple for earnings in excess of certain EBITDA targets for each of the first two years following the acquisition date. At the date of acquisition, the potential undiscounted amount of all future payments that Ferrellgas could be required to make under the contingent consideration arrangement was between $0 and $2.0 million based upon management's estimate of the likelihood that the target EBITDA metric will be met and exceeded and the amount by which it could be exceeded at the date of acquisition. See further discussion of the determination of the fair value of the contingent consideration at Note J - Fair Value Measurements. Midstream operations - Crude oil logistics solutions On June 24, 2015 , Ferrellgas acquired Bridger and formed a new midstream operation - crude oil logistics segment based near Dallas, Texas. Ferrellgas paid $560.0 million of cash, net of cash acquired and issued $260.0 million of Ferrellgas Partners common units to the seller, along with $2.5 million of other seller costs and consideration for an aggregate value of $822.5 million . Ferrellgas has incurred and charged to operating expenses, net $16.4 million of costs during the year ended July 31, 2015, related to the acquisition and transition of Bridger. Bridger's assets include rail cars, trucks, tank trailers, injection stations, a pipeline, and other assets. Bridger's operations provide crude oil transportation logistics on behalf of producers and end-users of crude oil on a fee-for-service basis, and purchases and sells crude oil in connection with other fee-for-service arrangements. The excess of purchase consideration over net assets assumed was recorded as goodwill, which represents the strategic value assigned to Bridger, including the knowledge and experience of the workforce in place. The aggregate fair value for the Bridger Logistics Acquisition in the midstream operations - crude oil logistics solutions segment was preliminarily allocated as follows: For the year ended July 31, 2015 Working capital $ 1,783 Transportation equipment 293,491 Injection stations and pipelines 41,632 Goodwill 193,311 Customer relationships 261,811 Non-compete agreements 14,800 Trade names & trademarks 5,800 Office equipment 7,449 Other 2,375 Aggregate fair value of net assets acquired $ 822,452 The following amounts from this acquisition were included in the operating results for the year ending July 31, 2015: For the year ended July 31, 2015 Revenue $ 81,512 Operating income 3,848 Pro forma results of operations (unaudited) The following summarized unaudited pro forma consolidated statement of earnings information assumes that the acquisition of Bridger during fiscal 2015 occurred as of August 1, 2013. These unaudited pro forma results are for comparative purposes only and may not be indicative of the results that would have occurred had this acquisition been completed on August 1, 2013 or the results that would be attained in the future. For the year ended July 31, 2015 2014 Revenue $ 2,319,927 2,583,680 Net earnings (loss) (11,834 ) 4,388 Net earnings (loss) per common unitholders' interest $ (0.14 ) $ 0.05 The unaudited pro forma consolidated data presented above has also been prepared as if the following transactions, which are described in Notes H and I to these consolidated financial statements, had been completed on August 1, 2013: • the issuance of senior secured notes in June 2015; • the sale of common units in June 2015 in a public offering; and • the issuance of common units to the seller in June 2015. The estimated fair values and useful lives of assets acquired during fiscal 2015 are based on a preliminary valuation and are subject to final valuation adjustments. Ferrellgas intends to continue its analysis of the net assets of these transactions to determine the final allocation of the total purchase price to the various assets and liabilities acquired. The estimated fair values and useful lives of assets acquired during fiscal 2014 and 2013 are based on internal valuations and included only minor adjustments during the 12 month period after the date of acquisition. Due to the immateriality of these adjustments, Ferrellgas did not retrospectively adjust the consolidated statements of operations for those measurement period adjustments. |
Ferrellgas, L.P. [Member] | |
Business Combinations | Business combinations Business combinations are accounted for under the acquisition method of accounting and the assets acquired and liabilities assumed are recorded at their estimated fair market values as of the acquisition dates. The results of operations are included in the consolidated statements of earnings from the date of acquisition. The pro forma effect of these transactions was not material to Ferrellgas, L.P.’s balance sheets or results of operations, except for Bridger as noted below. Propane and related equipment sales During July 2015 , Ferrellgas, L.P. acquired the assets of Propane Advantage, LLC, based in Utah, with an aggregate value of $7.7 million . During fiscal 2014 , Ferrellgas, L.P. acquired seven propane distribution assets with an aggregate value of $ 38.7 million in the following transactions: • KanGas, based in Kansas, acquired November 2013; • Motor Propane, based in Wisconsin, acquired December 2013; • Country Boys Propane, based in Georgia, acquired March 2014; • Viking Propane, based in California, acquired May 2014; • Kaw Valley Propane, based in Kansas, acquired June 2014; • Wise Choice Propane, based in Ohio, acquired July 2014; and • Sharp Propane, based in Texas, acquired July 2014. During fiscal 2013 , Ferrellgas, L.P. acquired propane distribution and grilling tool assets with an aggregate value of $ 39.2 million in the following transactions: • Capitol City Propane, based in California, acquired September 2012; • Flores Gas, based in Texas, acquired October 2012; • IGS Propane, based in Connecticut, acquired December 2012; • Mr. Bar-B-Q, based in New York, acquired March 2013; and • Western Petroleum, based in Utah, acquired April 2013. The goodwill arising from the propane and related equipment sales acquisitions consists largely of the synergies and economies of scale expected from combining the operations of Ferrellgas, L.P. and the acquired companies. These acquisitions, were funded as follows on their dates of acquisition: For the year ended July 31, 2015 2014 2013 Cash payments, net of cash acquired $ 4,250 $ 34,219 $ 37,186 Issuance of liabilities and other costs and considerations 481 2,942 2,035 Common units, net of issuance costs 3,000 1,500 — Aggregate fair value of transactions $ 7,731 $ 38,661 $ 39,221 The aggregate fair values, for the acquisitions in propane and related equipment sales reporting segment, were allocated as follows, including any adjustments identified during the measurement period: For the year ended July 31, 2015 2014 2013 Working capital 233 (919 ) 7,302 Customer tanks, buildings, land and other 236 14,519 5,155 Goodwill — 2,922 4,640 Customer lists 6,569 19,480 12,211 Non-compete agreements 693 2,659 944 Other intangibles — — 5,678 Trade names & trademarks — — 3,291 Aggregate fair value of net assets acquired $ 7,731 $ 38,661 $ 39,221 Midstream operations - Water solutions During fiscal 2015 , Ferrellgas, L.P. acquired salt water disposal assets with an aggregate value of $74.7 million in the following transactions, which includes $1.4 million paid in fiscal 2015 as a working capital and valuation adjustment for prior year acquisitions: • C&E Production, LLC, based in Texas, acquired September 2014; and • Segrest Saltwater Resources, based in Texas, acquired May 2015. During fiscal 2014, Ferrellgas, L.P. acquired salt water disposal assets with an aggregate value of $130.3 million relating to the midstream - water solutions segment. This included the acquisitions of Sable Environmental, LLC and Sable SWD 2, LLC ("Sable"), based in Corpus Christi, Texas and Dietert SWD, based in LaSalle County, Texas. The Sable acquisition was funded through borrowings from the secured credit facility, and subsequently Sable's ownership group purchased $50.0 million of Ferrellgas Partners common units. The excess of purchase consideration over net assets assumed was recorded as goodwill, which represents the strategic value assigned to Sable, including the knowledge and experience of the workforce in place. These acquisitions were funded as follows on their dates of acquisition: For the year ended July 31, 2015 2014 2013 Cash payments, net of cash acquired $ 74,677 $ 127,785 $ — Issuance of liabilities and other costs and considerations — 2,555 — Aggregate fair value of transactions $ 74,677 $ 130,340 $ — The aggregate fair values, for these acquisitions were allocated as follows: For the year ended July 31, 2015 2014 2013 Working capital 1,155 490 — Customer tanks, buildings, land and other 1,704 622 — Salt water disposal wells 10,705 24,288 — Goodwill 12,359 16,957 — Customer relationships 38,846 64,000 — Non-compete agreements 3,639 13,300 — Permits and favorable lease arrangements 6,269 10,683 — Aggregate fair value of net assets acquired $ 74,677 $ 130,340 $ — The acquisition of Sable included contingent consideration which requires Ferrellgas, L.P. to pay the former owners of Sable a multiple for earnings in excess of certain EBITDA targets for each of the first two years following the acquisition date. At the date of acquisition, the potential undiscounted amount of all future payments that Ferrellgas, L.P. could be required to make under the contingent consideration arrangement was between $0 and $2.0 million based upon management's estimate of the likelihood that the target EBITDA metric will be met and exceeded and the amount by which it could be exceeded at the date of acquisition. See further discussion of the determination of the fair value of the contingent consideration at Note J - Fair Value Measurements. Midstream operations - Crude oil logistics solutions On June 24, 2015 , Ferrellgas Partners acquired Bridger and formed a new midstream operation - crude oil logistics segment based near Dallas, Texas. Ferrellgas Partners paid $560.0 million of cash, net of cash acquired and issued $260.0 million of Ferrellgas Partners common units to the seller, along with $2.5 million of other seller costs and consideration for an aggregate value of $822.5 million . Ferrellgas Partners then contributed the Bridger assets and liabilities to Ferrellgas, L.P. Ferrellgas, L.P. has incurred and charged to operating expenses, net $16.4 million of costs during the year ended July 31, 2015, related to the acquisition and transition of Bridger. Bridger's assets include rail cars, trucks, tank trailers, injection stations, a pipeline, and other assets. Bridger's operations provide crude oil transportation logistics on behalf of producers and end-users of crude oil on a fee-for-service basis, and purchases and sells crude oil in connection with other fee-for-service arrangements. The excess of purchase consideration over net assets assumed was recorded as goodwill, which represents the strategic value assigned to Bridger, including the knowledge and experience of the workforce in place. The aggregate fair value for the Bridger Logistics Acquisition in the midstream operations - crude oil logistics solutions segment was preliminarily allocated as follows: For the year ended July 31, 2015 Working capital $ 1,783 Transportation equipment 293,491 Injection stations and pipelines 41,632 Goodwill 193,311 Customer relationships 261,811 Non-compete agreements 14,800 Trade names & trademarks 5,800 Office equipment 7,449 Other 2,375 Aggregate fair value of net assets acquired $ 822,452 The following amounts from this acquisition were included in the operating results for the year ending July 31, 2015: For the year ended July 31, 2015 Revenue $ 81,512 Operating income 3,848 Pro forma results of operations (unaudited) The following summarized unaudited pro forma consolidated statement of earnings information assumes that the acquisition of Bridger during fiscal 2015 occurred as of August 1, 2013. These unaudited pro forma results are for comparative purposes only and may not be indicative of the results that would have occurred had this acquisition been completed on August 1, 2013 or the results that would be attained in the future. For the year ended July 31, 2015 2014 Revenue $ 2,319,927 2,583,680 Net earnings 4,504 20,580 The unaudited pro forma consolidated data presented above has also been prepared as if the issuance of senior secured notes in June 2015, which are described in Note H to these consolidated financial statements, had been completed on August 1, 2013. The estimated fair values and useful lives of assets acquired during fiscal 2015 are based on a preliminary valuation and are subject to final valuation adjustments. Ferrellgas, L.P. intends to continue its analysis of the net assets of these transactions to determine the final allocation of the total purchase price to the various assets and liabilities acquired. The estimated fair values and useful lives of assets acquired during fiscal 2014 and 2013 are based on internal valuations and included only minor adjustments during the 12 month period after the date of acquisition. Due to the immateriality of these adjustments, Ferrellgas, L.P. did not retrospectively adjust the consolidated statements of operations for those measurement period adjustments. |
Quarterly Distributions Of Avai
Quarterly Distributions Of Available Cash | 12 Months Ended |
Jul. 31, 2015 | |
Quarterly Distributions Of Available Cash | Quarterly distributions of available cash Ferrellgas Partners makes quarterly cash distributions of all of its "available cash.” Available cash is defined in the partnership agreement of Ferrellgas Partners as, generally, the sum of its consolidated cash receipts less consolidated cash disbursements and net changes in reserves established by the general partner for future requirements. Reserves are retained in order to provide for the proper conduct of Ferrellgas Partners’ business, or to provide funds for distributions with respect to any one or more of the next four fiscal quarters. Distributions are made within 45 days after the end of each fiscal quarter ending October, January, April and July to holders of record on the applicable record date. Distributions by Ferrellgas Partners in an amount equal to 100% of its available cash, as defined in its partnership agreement, will be made to the common unitholders and the general partner. Additionally, the payment of incentive distributions to the holders of incentive distribution rights will be made to the extent that certain target levels of cash distributions are achieved. |
Ferrellgas, L.P. [Member] | |
Quarterly Distributions Of Available Cash | Quarterly distributions of available cash Ferrellgas, L.P. makes quarterly cash distributions of all of its "available cash." Available cash is defined in the partnership agreement of Ferrellgas, L.P. as, generally, the sum of its consolidated cash receipts less consolidated cash disbursements and net changes in reserves established by the general partner for future requirements. Reserves are retained in order to provide for the proper conduct of Ferrellgas, L.P.’s business, or to provide funds for distributions with respect to any one or more of the next four fiscal quarters. Distributions are made within 45 days after the end of each fiscal quarter ending October, January, April, and July. Distributions by Ferrellgas, L.P. in an amount equal to 100% of its available cash, as defined in its partnership agreement, will be made approximately 99% to Ferrellgas Partners and approximately 1% to the general partner. |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 12 Months Ended |
Jul. 31, 2015 | |
Supplemental Financial Statement Information | Supplemental financial statement information Inventories consist of the following: 2015 2014 Propane gas and related products $ 68,731 $ 121,111 Appliances, parts and supplies 28,023 24,858 Inventories $ 96,754 $ 145,969 In addition to inventories on hand, Ferrellgas enters into contracts primarily to buy propane for supply procurement purposes. Most of these contracts have terms of less than one year and call for payment based on market prices at the date of delivery. All supply procurement fixed price contracts have terms of fewer than 36 months . As of July 31, 2015 , Ferrellgas had committed, for supply procurement purposes, to take delivery of approximately 80.5 million gallons of propane at fixed prices. Property, plant and equipment, net consist of the following: Estimated useful lives 2015 2014 Land Indefinite $ 34,389 $ 31,890 Land improvements 2-20 13,249 12,812 Buildings and improvements 20 71,923 68,492 Vehicles, including transport trailers 8-20 228,646 95,701 Bulk equipment and district facilities 5-30 111,657 109,739 Tanks, cylinders and customer equipment 2-30 772,904 772,402 Salt water disposal wells and related equipment 2-23 38,460 24,288 Rail cars 30 150,235 — Injection stations 20 37,619 — Pipeline 15 4,074 — Computer and office equipment 2-5 123,386 116,265 Construction in progress n/a 16,841 7,029 1,603,383 1,238,618 Less: accumulated depreciation 638,166 626,831 Property, plant and equipment, net $ 965,217 $ 611,787 Depreciation expense totaled $61.3 million, $58.3 million and $59.3 million for fiscal 2015 , 2014 and 2013 , respectively. Other current liabilities consist of the following: 2015 2014 Accrued interest $ 17,281 $ 12,182 Accrued payroll 17,485 37,120 Customer deposits and advances 28,792 25,412 Price risk management liabilities 31,450 83 Other 85,679 50,364 Other current liabilities $ 180,687 $ 125,161 Shipping and handling expenses are classified in the following consolidated statements of earnings line items: For the year ended July 31, 2015 2014 2013 Operating expense $ 174,105 $ 190,999 $ 181,932 Depreciation and amortization expense 5,127 5,829 5,744 Equipment lease expense 22,667 15,807 14,028 $ 201,899 $ 212,635 $ 201,704 |
Ferrellgas, L.P. [Member] | |
Supplemental Financial Statement Information | Supplemental financial statement information Inventories consist of the following: 2015 2014 Propane gas and related products $ 68,731 $ 121,111 Appliances, parts and supplies 28,023 24,858 Inventories $ 96,754 $ 145,969 In addition to inventories on hand, Ferrellgas, L.P. enters into contracts primarily to buy propane for supply procurement purposes. Most of these contracts have terms of less than one year and call for payment based on market prices at the date of delivery. All supply procurement fixed price contracts have terms of fewer than 36 months . As of July 31, 2015 , Ferrellgas, L.P. had committed, for supply procurement purposes, to take delivery of approximately 80.5 million gallons of propane at fixed prices. Property, plant and equipment, net consist of the following: Estimated useful lives 2015 2014 Land Indefinite $ 34,389 $ 31,890 Land improvements 2-20 13,249 12,812 Buildings and improvements 20 71,923 68,492 Vehicles, including transport trailers 8-20 228,646 95,701 Bulk equipment and district facilities 5-30 111,657 109,739 Tanks, cylinders and customer equipment 2-30 772,904 772,402 Salt water disposal wells and related equipment 2-23 38,460 24,288 Rail cars 30 150,235 — Injection stations 20 37,619 — Pipeline 15 4,074 — Computer and office equipment 2-5 123,386 116,265 Construction in progress n/a 16,841 7,029 1,603,383 1,238,618 Less: accumulated depreciation 638,166 626,831 Property, plant and equipment, net $ 965,217 $ 611,787 Depreciation expense totaled $61.3 million, $58.3 million and $59.3 million for fiscal 2015 , 2014 and 2013 , respectively. Other current liabilities consist of the following: 2015 2014 Accrued interest $ 15,275 $ 10,176 Accrued payroll 17,485 37,120 Customer deposits and advances 28,792 25,412 Price risk management liabilities 31,450 83 Other 83,174 50,362 Other current liabilities $ 176,176 $ 123,153 Shipping and handling expenses are classified in the following consolidated statements of earnings line items: For the year ended July 31, 2015 2014 2013 Operating expense $ 174,105 $ 190,999 $ 181,932 Depreciation and amortization expense 5,127 5,829 5,744 Equipment lease expense 22,667 15,807 14,028 $ 201,899 $ 212,635 $ 201,704 |
Accounts And Notes Receivable,
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | 12 Months Ended |
Jul. 31, 2015 | |
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | Accounts and notes receivable, net and accounts receivable securitization Accounts and notes receivable, net consist of the following: 2015 2014 Accounts receivable pledged as collateral $ 123,791 $ 159,003 Accounts receivable 77,636 24,108 Other 307 247 Less: Allowance for doubtful accounts (4,816 ) (4,756 ) Accounts and notes receivable, net $ 196,918 $ 178,602 Ferrellgas maintains an accounts receivable securitization facility with Wells Fargo Bank, N.A., Fifth Third Bank and SunTrust Bank. This accounts receivable securitization facility has up to $225.0 million of capacity and matures on January 19, 2017 . As part of this facility, Ferrellgas, through Ferrellgas Receivables, securitizes a portion of its trade accounts receivable through a commercial paper conduit for proceeds of up to $225.0 million during the months of January, February, March and December, $175.0 million during the months of April and May and $145.0 million for all other months, depending on the availability of undivided interests in its accounts receivable from certain customers. At July 31, 2015 , $123.8 million of trade accounts receivable were pledged as collateral against $70.0 million of collateralized notes payable due to the commercial paper conduit. At July 31, 2014 , $159.0 million of trade accounts receivable were pledged as collateral against $91.0 million of collateralized notes payable due to the commercial paper conduit. These accounts receivable pledged as collateral are bankruptcy remote from Ferrellgas. Ferrellgas does not provide any guarantee or similar support to the collectability of these accounts receivable pledged as collateral. Ferrellgas structured Ferrellgas Receivables in order to facilitate securitization transactions while complying with Ferrellgas’ various debt covenants. If the covenants were compromised, funding from the facility could be restricted or suspended, or its costs could increase. As of July 31, 2015 , Ferrellgas had received cash proceeds of $70.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. As of July 31, 2014 , Ferrellgas had received cash proceeds of $91.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. Borrowings under the accounts receivable securitization facility had a weighted average interest rate of 2.3% and 2.1% as of July 31, 2015 and 2014 , respectively. |
Ferrellgas, L.P. [Member] | |
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | Accounts and notes receivable, net and accounts receivable securitization Accounts and notes receivable, net consist of the following: 2015 2014 Accounts receivable pledged as collateral $ 123,791 $ 159,003 Accounts receivable 77,636 24,108 Other 307 247 Less: Allowance for doubtful accounts (4,816 ) (4,756 ) Accounts and notes receivable, net $ 196,918 $ 178,602 Ferrellgas, L.P. maintains an accounts receivable securitization facility with Wells Fargo Bank, N.A., Fifth Third Bank and SunTrust Bank. This accounts receivable securitization facility has up to $225.0 million of capacity and matures on January 19, 2017 . As part of this facility, Ferrellgas, L.P. through Ferrellgas Receivables, securitizes a portion of its trade accounts receivable through a commercial paper conduit for proceeds of up to $225.0 million during the months of January, February, March and December, $175.0 million during the months of April and May and $145.0 million for all other months, depending on the availability of undivided interests in its accounts receivable from certain customers. At July 31, 2015 , $123.8 million of trade accounts receivable were pledged as collateral against $70.0 million of collateralized notes payable due to the commercial paper conduit. At July 31, 2014 , $159.0 million of trade accounts receivable were pledged as collateral against $91.0 million of collateralized notes payable due to the commercial paper conduit. These accounts receivable pledged as collateral are bankruptcy remote from Ferrellgas, L.P. Ferrellgas, L.P. does not provide any guarantee or similar support to the collectability of these accounts receivable pledged as collateral. Ferrellgas, L.P. structured Ferrellgas Receivables in order to facilitate securitization transactions while complying with Ferrellgas, L.P.’s various debt covenants. If the covenants were compromised, funding from the facility could be restricted or suspended, or its costs could increase. As of July 31, 2015 , Ferrellgas, L.P. had received cash proceeds of $70.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. As of July 31, 2014 , Ferrellgas, L.P. had received cash proceeds of $91.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. Borrowings under the accounts receivable securitization facility had a weighted average interest rate of 2.3% and 2.1% as of July 31, 2015 and 2014 , respectively. |
Goodwill And Intangible Assets,
Goodwill And Intangible Assets, Net | 12 Months Ended |
Jul. 31, 2015 | |
Goodwill And Intangible Assets, Net | Goodwill and intangible assets, net Goodwill and intangible assets, net consist of the following: July 31, 2015 July 31, 2014 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Goodwill, net $ 478,747 $ — $ 478,747 $ 273,210 $ — $ 273,210 Intangible assets, net Amortized intangible assets Customer related $ 807,122 $ (349,719 ) $ 457,403 $ 500,100 $ (322,277 ) $ 177,823 Non-compete agreements 53,711 (18,730 ) 34,981 63,933 (43,120 ) 20,813 Permits and favorable lease arrangements 16,952 (1,173 ) 15,779 10,683 (119 ) 10,564 Other 9,182 (5,497 ) 3,685 9,177 (4,592 ) 4,585 886,967 (375,119 ) 511,848 583,893 (370,108 ) 213,785 Unamortized intangible assets Trade names & trademarks 68,195 68,195 62,386 62,386 Total intangible assets, net $ 955,162 $ (375,119 ) $ 580,043 $ 646,279 $ (370,108 ) $ 276,171 Changes in the carrying amount of goodwill, by reportable segment, are as follows: Propane and related equipment sales Midstream operations - water solutions Midstream operations - crude oil logistics Total Balance July 31, 2013 $ 253,362 $ — $ — $ 253,362 Acquisitions 2,922 16,957 — 19,879 Other (31 ) — — (31 ) Balance July 31, 2014 256,253 16,957 — 273,210 Acquisitions — 12,359 193,311 205,670 Other (133 ) — — (133 ) Balance July 31, 2015 $ 256,120 $ 29,316 $ 193,311 $ 478,747 Customer related intangible assets have estimated lives of 12 to 15 years , permits and favorable lease arrangements have estimated lives of 15 years while non-compete agreements and other intangible assets have estimated lives ranging from two to 10 years . Ferrellgas intends to utilize all acquired trademarks and trade names and does not believe there are any legal, regulatory, contractual, competitive, economical or other factors that would limit their useful lives. Therefore, trademarks and trade names have indefinite useful lives. Customer related intangibles, permits and favorable lease arrangements non-compete agreements and other intangibles carry a weighted average life of 11 , 14 , six years and five years , respectively. Aggregate amortization expense related to intangible assets, net: For the year ended July 31, 2015 $ 34,585 2014 23,490 2013 21,725 Estimated amortization expense: For the year ended July 31, 2016 $ 61,788 2017 61,212 2018 57,546 2019 51,297 2020 45,588 |
Ferrellgas, L.P. [Member] | |
Goodwill And Intangible Assets, Net | Goodwill and intangible assets, net Goodwill and intangible assets, net consist of the following: July 31, 2015 July 31, 2014 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Goodwill, net $ 478,747 $ — $ 478,747 $ 273,210 $ — $ 273,210 Intangible assets, net Amortized intangible assets Customer related $ 807,122 $ (349,719 ) $ 457,403 $ 500,100 $ (322,277 ) $ 177,823 Non-compete agreements 53,711 (18,730 ) 34,981 63,933 (43,120 ) 20,813 Permits and favorable lease arrangements 16,952 (1,173 ) 15,779 10,683 (119 ) 10,564 Other 9,182 (5,497 ) 3,685 9,177 (4,592 ) 4,585 886,967 (375,119 ) 511,848 583,893 (370,108 ) 213,785 Unamortized intangible assets Trade names & trademarks 68,195 68,195 62,386 62,386 Total intangible assets, net $ 955,162 $ (375,119 ) $ 580,043 $ 646,279 $ (370,108 ) $ 276,171 Changes in the carrying amount of goodwill, by reportable segment, are as follows: Propane and related equipment sales Midstream operations - water solutions Midstream operations - crude oil logistics Total Balance July 31, 2013 $ 253,362 $ — $ — $ 253,362 Acquisitions 2,922 16,957 — 19,879 Other (31 ) — — (31 ) Balance July 31, 2014 256,253 16,957 — 273,210 Acquisitions — 12,359 193,311 205,670 Other (133 ) — — (133 ) Balance July 31, 2015 $ 256,120 $ 29,316 $ 193,311 $ 478,747 Customer related intangible assets have estimated lives of 12 to 15 years , permits and favorable lease arrangements have estimated lives of 15 years while non-compete agreements and other intangible assets have estimated lives ranging from two to 10 years . Ferrellgas, L.P. intends to utilize all acquired trademarks and trade names and does not believe there are any legal, regulatory, contractual, competitive, economical or other factors that would limit their useful lives. Therefore, trademarks and trade names have indefinite useful lives. Customer related intangibles, permits and favorable lease arrangements, non-compete agreements and other intangibles carry a weighted average life of 11 , 14 , six years and five years , respectively. Aggregate amortization expense related to intangible assets, net: For the year ended July 31, 2015 $ 34,585 2014 23,490 2013 21,725 Estimated amortization expense: For the year ended July 31, 2016 $ 61,788 2017 61,212 2018 57,546 2019 51,297 2020 45,588 |
Debt
Debt | 12 Months Ended |
Jul. 31, 2015 | |
Debt | Debt Short-term borrowings Ferrellgas classified a portion of its secured credit facility borrowings as short-term because it was used to fund working capital needs that management had intended to pay down within the 12 month period following each balance sheet date. As of July 31, 2015 and 2014 , $75.3 million and $69.5 million , respectively, were classified as short-term borrowings. For further discussion see the secured credit facility section below. Long-term debt Long-term debt consists of the following: 2015 2014 Senior notes Fixed rate, 6.50%, due 2021 (1) $ 500,000 $ 500,000 Fixed rate, 6.75%, due 2023 (4) 500,000 — Fixed rate, 6.75%, due 2022, net of unamortized premium of $4,906 and $5,863 at 2015 and 2014, respectively (3) 479,906 480,863 Fixed rate, 8.625%, due 2020 (2) 182,000 182,000 Fair value adjustments related to interest rate swaps 876 (2,534 ) Secured credit facility Variable interest rate, expiring October 2018 (net of $75.3 million and $69.5 million classified as short-term borrowings at July 31, 2015 and 2014, respectively) 136,081 123,781 Notes payable 9.5% and 8.8% weighted average interest rate at July 31, 2015 and 2014, respectively, due 2015 to 2022, net of unamortized discount of $1,914 and $2,239 at July 31, 2015 and 2014, respectively 9,181 11,727 1,808,044 1,295,837 Less: current portion, included in other current liabilities on the consolidated balance sheets 3,652 3,623 Long-term debt $ 1,804,392 $ 1,292,214 (1) During November 2010 , Ferrellgas issued $500.0 million in aggregate principal amount of 6.50% senior notes due 2021 at an offering price equal to par. These notes are general unsecured senior obligations of Ferrellgas and are effectively junior to all future senior secured indebtedness of Ferrellgas, to the extent of the value of the assets securing the debt, and are structurally subordinated to all existing and future indebtedness and obligations of the operating partnership. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on May 1 and November 1 of each year. The outstanding principal amount is due on May 1, 2021 . Ferrellgas would incur prepayment penalties if it were to repay the notes prior to 2019 . (2) During April 2010 , Ferrellgas issued $280.0 million of its fixed rate senior notes. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. Ferrellgas would incur prepayment penalties if it were to repay the notes prior to 2018 . During March 2011, Ferrellgas redeemed $98.0 million of these fixed rate senior notes. (3) During November 2013 , Ferrellgas issued $325.0 million in aggregate principal amount of 6.75% senior notes due 2022 at an offering price equal to par. Ferrellgas received $319.3 million of net proceeds after deducting underwriters' fees. Ferrellgas used the net proceeds to redeem all of its $300.0 million 9.125% fixed rate senior notes due October 1, 2017 . Ferrellgas used the remaining proceeds to pay the related $14.7 million make whole and consent payments, $3.3 million in interest payments and to reduce outstanding indebtedness under the secured credit facility. This redemption also resulted in $6.0 million of non-cash write-offs of unamortized debt discount and related capitalized debt costs. The make whole and consent payments and the non-cash write-offs of unamortized debt discount and related capitalized debt costs are classified as loss on extinguishment of debt. During June 2014 , Ferrellgas issued an additional $150.0 million in aggregate principal amount of 6.75% senior notes due 2022 at an offering price equal to 104% of par. Ferrellgas used the net proceeds for general corporate purposes, including to repay indebtedness under its secured credit facility and to pay related transaction fees and expenses. (4) During June 2015, Ferrellgas issued $500.0 million in aggregate principal amount of 6.75% senior notes due 2023 at an offering price equal to par. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. The outstanding principal amount is due on June 15, 2023. Ferrellgas would incur prepayment penalties if it were to repay the notes prior to 2021. Ferrellgas received $491.3 million of net proceeds after deducting underwriters' fees. Ferrellgas used the net proceeds to fund a portion of the cash portion of the consideration for the acquisition of the outstanding membership interests in Bridger Logistics, LLC and its subsidiaries with remaining amounts being used to repay outstanding borrowing under the secured credit facility after the closing of the acquisitions. Secured credit facility During October 2013, Ferrellgas executed a second amendment to its secured credit facility. This amendment extended the maturity date to October 2018 , increased the size of the facility from $400.0 million to $500.0 million with no change to the size of the letter of credit sublimit which remains at $200.0 million and decreased interest rates by 0.25% . Ferrellgas incurred a loss on extinguishment of debt of $0.3 million related to the writeoff of capitalized financing costs. During June 2014, Ferrellgas executed a third amendment to its secured credit facility to better facilitate its strategic focus on further business diversification. Immediately following the amendment, Ferrellgas increased the size of this facility from $500.0 million to $600.0 million with no change to the size of the letter of credit sublimit which remains at $200.0 million . This amendment did not change the interest rate or the maturity date of the secured credit facility which remains at October 2018 . Borrowings under this amended facility are available for working capital needs, capital expenditures and other general partnership purposes, including the refinancing of existing indebtedness. During June 2015, Ferrellgas executed a fourth amendment to its secured credit facility to administer certain technical revisions in order to facilitate the Bridger Logistics Acquisition and related funding. This amendment did not change the terms or maturity date of the secured credit facility. The secured credit facility contains various affirmative and negative covenants and default provisions, as well as requirements with respect to the maintenance of specified financial ratios and limitations on the making of loans and investments. As of July 31, 2015 , Ferrellgas had total borrowings outstanding under its secured credit facility of $211.4 million , of which $136.1 million was classified as long-term debt. As of July 31, 2014 , Ferrellgas had total borrowings outstanding under its secured credit facility of $193.3 million , of which $123.8 million was classified as long-term debt. Borrowings outstanding at July 31, 2015 and 2014 under the secured credit facility had a weighted average interest rate of 3.5% and 3.4% , respectively. All borrowings under the secured credit facility bear interest, at Ferrellgas’ option, at a rate equal to either: • for Base Rate Loans or Swing Line Loans, the Base Rate, which is defined as the higher of i) the federal funds rate plus 0.50% , ii) Bank of America’s prime rate; or iii) the Eurodollar Rate plus 1.00% ; plus a margin varying from 0.75% to 1.75% (as of July 31, 2015 and 2014 , the margin was 1.50% and 1.25% , respectively); or • for Eurodollar Rate Loans, the Eurodollar Rate, which is defined as the LIBOR Rate plus a margin varying from 1.75% to 2.75% (as of July 31, 2015 and 2014 , the margin was 2.50% and 2.25% , respectively). As of July 31, 2015 , the federal funds rate and Bank of America’s prime rate were 0.14% and 3.25% , respectively. As of July 31, 2014 , the federal funds rate and Bank of America’s prime rate were 0.09% and 3.25% , respectively. As of July 31, 2015 , the one-month and three-month Eurodollar Rates were 0.19% and 0.33% , respectively. As of July 31, 2014 , the one-month and three-month Eurodollar Rates were 0.17% and 0.24% , respectively. In addition, an annual commitment fee is payable at a per annum rate range from 0.35% to 0.50% times the actual daily amount by which the facility exceeds the sum of (i) the outstanding amount of revolving credit loans and (ii) the outstanding amount of letter of credit obligations. The obligations under this credit facility are secured by substantially all assets of Ferrellgas, the general partner and certain subsidiaries of Ferrellgas but specifically excluding (a) assets that are subject to Ferrellgas’ accounts receivable securitization facility, (b) the general partner’s equity interest in Ferrellgas Partners and (c) equity interest in certain unrestricted subsidiaries. Such obligations are also guaranteed by the general partner and certain subsidiaries of Ferrellgas. Letters of credit outstanding at July 31, 2015 totaled $61.2 million and were used primarily to secure insurance arrangements and to a lesser extent, commodity hedges and product purchases. Letters of credit outstanding at July 31, 2014 totaled $56.3 million and were used primarily to secure insurance arrangements and to a lesser extent, product purchases. At July 31, 2015 , Ferrellgas had available letter of credit remaining capacity of $138.8 million . At July 31, 2014 , Ferrellgas had available letter of credit remaining capacity of $143.7 million . Ferrellgas incurred commitment fees of $1.5 million , $1.2 million and $0.9 million in fiscal 2015 , 2014 and 2013 , respectively. Interest rate swaps In May 2012 , Ferrellgas entered into a $140.0 million interest rate swap agreement to hedge against changes in fair value on a portion of its $300.0 million 9.125% fixed rate senior notes due 2017 . Ferrellgas received 9.125% and paid one-month LIBOR plus 7.96% , on the $140.0 million swapped. In October 2013, this interest rate swap was terminated. As a result, Ferrellgas discontinued hedge accounting treatment for this agreement at a cost of $0.2 million , which was classified as loss on extinguishment of debt when the related senior notes were redeemed as discussed above. Ferrellgas accounted for this agreement as a fair value hedge. In May 2012 , Ferrellgas also entered into a $140.0 million interest rate swap agreement to hedge against changes in fair value on a portion of its $500.0 million 6.5% fixed rate senior notes due 2021 . Ferrellgas receives 6.5% and pays a one-month LIBOR plus 4.715% , on the $140.0 million swapped. Ferrellgas also accounts for this agreement as a fair value hedge. In May 2012 , Ferrellgas entered into a forward interest rate swap agreement to hedge against variability in forecasted interest payments on Ferrellgas’ secured credit facility and collateralized note payable borrowings under the accounts receivable securitization facility. From August 2015 through July 2017 , Ferrellgas will pay 1.95% and receive variable payments based on one-month LIBOR for the notional amount of $175.0 million . From August 2017 through July 2018 , Ferrellgas will pay 1.95% and receive variable payments based on one-month LIBOR for the notional amount of $100.0 million . Ferrellgas accounts for this agreement as a cash flow hedge. Covenants The senior notes and the credit facility agreement contain various restrictive covenants applicable to Ferrellgas and its subsidiaries, the most restrictive relating to additional indebtedness. The only restriction that prohibits Ferrellgas, L.P. from making cash distributions, advances or loans of the minimum quarterly distribution is if a default or event of default exists or would exist upon making such distribution, advances or loans, or if Ferrellgas L.P. fails to meet certain coverage tests. As of July 31, 2015 , Ferrellgas L.P. is in compliance with all requirements, tests, limitations and covenants related to these debt agreements. At July 31, 2015, Ferrellgas L.P. has no restricted net assets. Other than the senior notes and the credit facility agreement, there are no other agreements which restrict Ferrellgas' subsidiaries ability to transfer funds to Ferrellgas in the form of cash dividends, loans or advances. The scheduled annual principal payments on long-term debt are as follows: For the year ending July 31, Scheduled annual principal payments 2016 $ 3,652 2017 3,241 2018 1,719 2019 1,204 2020 136,429 Thereafter 1,657,931 Total $ 1,804,176 |
Ferrellgas, L.P. [Member] | |
Debt | Debt Short-term borrowings Ferrellgas, L.P. classified a portion of its secured credit facility borrowings as short-term because it was used to fund working capital needs that management had intended to pay down within the 12 month period following each balance sheet date. As of July 31, 2015 and 2014 , $75.3 million and $69.5 million , respectively, were classified as short-term borrowings. For further discussion see the secured credit facility section below. Long-term debt Long-term debt consists of the following: 2015 2014 Senior notes Fixed rate, 6.50%, due 2021 (1) $ 500,000 $ 500,000 Fixed rate, 6.75%, due 2023 (3) 500,000 — Fixed rate, 6.75%, due 2022, net of unamortized premium of $4,906 and $5,863 at 2015 and 2014, respectively (2) 479,906 480,863 Fair value adjustments related to interest rate swaps 876 (2,534 ) Secured credit facility Variable interest rate, expiring October 2018 (net of $75.3 million and $69.5 million classified as short-term borrowings at July 31, 2015 and 2014, respectively) 136,081 123,781 Notes payable 9.5% and 8.8% weighted average interest rate at July 31, 2015 and 2014, respectively, due 2015 to 2022, net of unamortized discount of $1,914 and $2,239 at July 31, 2015 and 2014, respectively 9,181 11,727 1,626,044 1,113,837 Less: current portion, included in other current liabilities on the consolidated balance sheets 3,652 3,623 Long-term debt $ 1,622,392 $ 1,110,214 (1) During November 2010 , Ferrellgas, L.P. issued $500.0 million in aggregate principal amount of new 6.50% senior notes due 2021 at an offering price equal to par. These notes are general unsecured senior obligations of Ferrellgas, L.P. and are effectively junior to all future senior secured indebtedness of Ferrellgas, L.P., to the extent of the value of the assets securing the debt, and are structurally subordinated to all existing and future indebtedness and obligations of Ferrellgas, L.P. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on May 1 and November 1 of each year. The outstanding principal amount is due on May 1, 2021 . Ferrellgas, L.P. would incur prepayment penalties if it were to repay the notes prior to 2019 . (2) During November 2013 , Ferrellgas, L.P. issued $325.0 million in aggregate principal amount of 6.75% senior notes due 2022 at an offering price equal to par. Ferrellgas, L.P. received $319.3 million of net proceeds after deducting underwriters' fees. Ferrellgas, L.P. used the net proceeds to redeem all of its $300.0 million 9.125% fixed rate senior notes due October 1, 2017 . Ferrellgas, L.P. used the remaining proceeds to pay the related $14.7 million make whole and consent payments, $3.3 million in interest payments and to reduce outstanding indebtedness under the secured credit facility. This redemption also resulted in $6.0 million of non-cash write-offs of unamortized debt discount and related capitalized debt costs. The make whole and consent payments and the non-cash write-offs of unamortized debt discount and related capitalized debt costs are classified as loss on extinguishment of debt. During June 2014 , Ferrellgas, L.P. issued an additional $150.0 million in aggregate principal amount of 6.75% senior notes due 2022 at an offering price equal to 104% of par. Ferrellgas, L.P. used the net proceeds for general corporate purposes, including to repay indebtedness under its secured credit facility and to pay related transaction fees and expenses. (3) During June 2015, Ferrellgas, L.P. issued $500.0 million in aggregate principal amount of 6.75% senior notes due 2023 at an offering price equal to par. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. The outstanding principal amount is due on June 15, 2023. Ferrellgas, L.P. would incur prepayment penalties if it were to repay the notes prior to 2021. Ferrellgas, L.P. received $491.3 million of net proceeds after deducting underwriters' fees. Ferrellgas, L.P. used the net proceeds to fund a portion of the cash portion of the consideration for the acquisition of the outstanding membership interests in Bridger Logistics, LLC and its subsidiaries with remaining amounts being used to repay outstanding borrowing under the secured credit facility after the closing of the acquisitions. Secured credit facility During October 2013, Ferrellgas, L.P. executed a second amendment to its secured credit facility. This amendment extended the maturity date to October 2018 , increased the size of the facility from $400.0 million to $500.0 million with no change to the size of the letter of credit sublimit which remains at $200.0 million and decreased interest rates by 0.25% . Ferrellgas, L.P. incurred a loss on extinguishment of debt of $0.3 million related to the writeoff of capitalized financing costs. During June 2014, Ferrellgas, L.P. executed a third amendment to its secured credit facility to better facilitate its strategic focus on further business diversification. Immediately following the amendment, Ferrellgas, L.P. increased the size of this facility from $500.0 million to $600.0 million with no change to the size of the letter of credit sublimit which remains at $200.0 million . This amendment did not change the interest rate or the maturity date of the secured credit facility which remains at October 2018 . Borrowings under this amended facility are available for working capital needs, capital expenditures and other general partnership purposes, including the refinancing of existing indebtedness. During June 2015, Ferrellgas, L.P. executed a fourth amendment to its secured credit facility to administer certain technical revisions in order to facilitate the Bridger Logistics Acquisition and related funding. This amendment did not change the terms or maturity date of the secured credit facility. The secured credit facility contains various affirmative and negative covenants and default provisions, as well as requirements with respect to the maintenance of specified financial ratios and limitations on the making of loans and investments. As of July 31, 2015 , Ferrellgas, L.P. had total borrowings outstanding under its secured credit facility of $211.4 million , of which $136.1 million was classified as long-term debt. As of July 31, 2014 , Ferrellgas, L.P. had total borrowings outstanding under its secured credit facility of $193.3 million , of which $123.8 million was classified as long-term debt. Borrowings outstanding at July 31, 2015 and 2014 under the secured credit facility had a weighted average interest rate of 3.5% and 3.4% , respectively. All borrowings under the secured credit facility bear interest, at Ferrellgas, L.P.’s option, at a rate equal to either: • for Base Rate Loans or Swing Line Loans, the Base Rate, which is defined as the higher of i) the federal funds rate plus 0.50% , ii) Bank of America’s prime rate; or iii) the Eurodollar Rate plus 1.00% ; plus a margin varying from 0.75% to 1.75% (as of July 31, 2015 and 2014 , the margin was 1.50% and 1.25% , respectively); or • for Eurodollar Rate Loans, the Eurodollar Rate, which is defined as the LIBOR Rate plus a margin varying from 1.75% to 2.75% (as of July 31, 2015 and 2014 , the margin was 2.50% and 2.25% , respectively). As of July 31, 2015 , the federal funds rate and Bank of America’s prime rate were 0.14% and 3.25% , respectively. As of July 31, 2014 , the federal funds rate and Bank of America’s prime rate were 0.09% and 3.25% , respectively. As of July 31, 2015 , the one-month and three-month Eurodollar Rates were 0.19% and 0.33% , respectively. As of July 31, 2014 , the one-month and three-month Eurodollar Rates were 0.17% and 0.24% , respectively. In addition, an annual commitment fee is payable at a per annum rate range from 0.35% to 0.50% times the actual daily amount by which the facility exceeds the sum of (i) the outstanding amount of revolving credit loans and (ii) the outstanding amount of letter of credit obligations. The obligations under this credit facility are secured by substantially all assets of Ferrellgas, L.P., the general partner and certain subsidiaries of Ferrellgas, L.P. but specifically excluding (a) assets that are subject to Ferrellgas, L.P.’s accounts receivable securitization facility, (b) the general partner’s equity interest in Ferrellgas Partners and (c) equity interest in certain unrestricted subsidiaries. Such obligations are also guaranteed by the general partner and certain subsidiaries of Ferrellgas, L.P. Letters of credit outstanding at July 31, 2015 totaled $61.2 million and were used primarily to secure insurance arrangements and to a lesser extent, commodity hedges and product purchases. Letters of credit outstanding at July 31, 2014 totaled $56.3 million and were used primarily to secure insurance arrangements and to a lesser extent, product purchases. At July 31, 2015 , Ferrellgas, L.P. had available letter of credit remaining capacity of $138.8 million . At July 31, 2014 Ferrellgas, L.P. had available letter of credit remaining capacity of $143.7 million . Ferrellgas, L.P. incurred commitment fees of $1.5 million , $1.2 million and $0.9 million in fiscal 2015 , 2014 and 2013 , respectively. Interest rate swaps In May 2012 , Ferrellgas, L.P. entered into a $140.0 million interest rate swap agreement to hedge against changes in fair value on a portion of its $300.0 million 9.125% fixed rate senior notes due 2017 . Ferrellgas, L.P. received 9.125% and paid one-month LIBOR plus 7.96% , on the $140.0 million swapped. In October 2013, this interest rate swap was terminated. As a result, the operating partnership discontinued hedge accounting treatment for this agreement at a cost of $0.2 million , which was classified as loss on extinguishment of debt when the related senior notes were redeemed as discussed above. The operating partnership accounted for this agreement as a fair value hedge. In May 2012 , Ferrellgas, L.P. also entered into a $140.0 million interest rate swap agreement to hedge against changes in fair value on a portion of its $500.0 million 6.5% fixed rate senior notes due 2021 . Ferrellgas, L.P. receives 6.5% and pays a one-month LIBOR plus 4.715% , on the $140.0 million swapped. The operating partnership accounts for this agreement as a fair value hedge. In May 2012 , Ferrellgas, L.P. entered into a forward interest rate swap agreement to hedge against variability in forecasted interest payments on Ferrellgas, L.P.’s secured credit facility and collateralized note payable borrowings under the accounts receivable securitization facility. From August 2015 through July 2017 , Ferrellgas, L.P. will pay 1.95% and receive variable payments based on one-month LIBOR for the notional amount of $175.0 million . From August 2017 through July 2018 , Ferrellgas, L.P. will pay 1.95% and receive variable payments based on one-month LIBOR for the notional amount of $100.0 million . Ferrellgas, L.P. accounts for this agreement as a cash flow hedge. Covenants The senior notes and the credit facility agreement contain various restrictive covenants applicable to Ferrellgas, L.P. and its subsidiaries, the most restrictive relating to additional indebtedness. The only restriction that prohibits Ferrellgas, L.P. from making cash distributions, advances or loans of the minimum quarterly distribution is if a default or event of default exists or would exist upon making such distribution, advances or loans, or if Ferrellgas, L.P. fails to meet certain coverage tests. As of July 31, 2015 , Ferrellgas, L.P. is in compliance with all requirements, tests, limitations and covenants related to these debt agreements. At July 31, 2015, Ferrellgas, L.P. has no restricted net assets. Other than the senior notes and the credit facility agreement, there are no other agreements which restrict Ferrellgas, L.P.'s subsidiaries ability to transfer funds to Ferrellgas, L.P. in the form of cash dividends, loans or advances. The scheduled annual principal payments on long-term debt are as follows: For the year ending July 31, Scheduled annual principal payments 2016 $ 3,652 2017 3,241 2018 1,719 2019 1,204 2020 136,429 Thereafter 1,475,931 Total $ 1,622,176 |
Partners' Capital
Partners' Capital | 12 Months Ended |
Jul. 31, 2015 | |
Partners' Capital | Partners' capital (deficit) As of July 31, 2015 and 2014 , limited partner units were beneficially owned by the following: 2015 2014 Public common unitholders (1) 63,294,168 55,153,208 Ferrell Companies (2) 22,529,361 21,469,664 FCI Trading Corp. (3) 195,686 195,686 Ferrell Propane, Inc. (4) 51,204 51,204 James E. Ferrell (5) 4,763,475 4,358,475 James H. Ballengee (6) 9,542,895 — (1) These common units are listed on the New York Stock Exchange under the symbol “FGP.” (2) Ferrell Companies is the owner of the general partner and a 22.4% direct owner of Ferrellgas Partner’s common units and thus a related party. Ferrell Companies also beneficially owns 195,686 and 51,204 common units of Ferrellgas Partners held by FCI Trading Corp. (“FCI Trading”) and Ferrell Propane, Inc. (“Ferrell Propane”), respectively, bringing Ferrell Companies’ total beneficial ownership to 22.7% . (3) FCI Trading is an affiliate of the general partner and thus a related party. (4) Ferrell Propane is controlled by the general partner and thus a related party. (5) James E. Ferrell is the Chairman of the Board of Directors of our general partner and a related party. JEF Capital Management owns 4,758,859 of these common units and is wholly-owned by the James E. Ferrell Revocable Trust Two for which James E. Ferrell is the trustee and sole beneficiary. The remaining 4,616 common units are held by Ferrell Resources Holdings, Inc., which is wholly-owned by the James E. Ferrell Revocable Trust One, for which James E. Ferrell is the trustee and sole beneficiary. (6) Jamex Marketing, LLC is the unitholder of record of these common units. Jamex, LLC is the majority member of Jamex Marketing, LLC. Ballengee Interests, LLC is the majority member of Jamex, LLC. James H. Ballengee is the manager of each of Jamex, LLC, Jamex Marketing, LLC and Ballengee Interests, LLC. Jamex Marketing, LLC and Bridger regularly conduct business in their normal operations, and is a related party. Together these limited partner units represent Ferrellgas Partner’s limited partners’ interest and an effective 98% economic interest in Ferrellgas Partners, exclusive of the general partners’ incentive distribution rights. The general partner has an effective 2% interest in Ferrellgas Partners, excluding incentive distribution rights. Since ongoing distributions have not yet reached the levels required to commence payment of incentive distribution rights to the general partner, distributions to the partners from operations or interim capital transactions will generally be made in accordance with the above percentages. In liquidation, allocations and distributions will be made in accordance with each common unitholder’s positive capital account. The common units of Ferrellgas Partners represent limited partner interests in Ferrellgas Partners, which give the holders thereof the right to participate in distributions made by Ferrellgas Partners and to exercise the other rights or privileges available to such holders under the Fourth Amended and Restated Agreement of Limited Partnership of Ferrellgas Partners, L.P. dated February 18, 2003, as amended (the “Partnership Agreement”). Under the terms of the Partnership Agreement, holders of common units have limited voting rights on matters affecting the business of Ferrellgas Partners. Generally, persons owning 20% or more of Ferrellgas Partners’ outstanding common units cannot vote; however, this limitation does not apply to those common units owned by the general partner or its “affiliates,” as such term is defined in the Partnership Agreement. Ferrellgas maintains shelf registration statements for the issuance of common units. The Partnership Agreement allows the general partner to issue an unlimited number of additional Ferrellgas general and limited partner interests of Ferrellgas Partners for such consideration and on such terms and conditions as shall be established by the general partner without the approval of any unitholders. Partnership distributions paid Ferrellgas Partners has paid the following distributions: For the year ended July 31, 2015 2014 2013 Public common unitholders $ 111,163 $ 107,164 $ 105,934 Ferrell Companies 45,059 42,939 42,939 FCI Trading Corp. 392 392 392 Ferrell Propane, Inc. 104 104 104 James E. Ferrell 8,717 8,717 8,717 General partner 1,670 1,609 1,596 $ 167,105 $ 160,925 $ 159,682 On August 20, 2015 , Ferrellgas Partners declared a cash distribution of $0.5125 per common unit for the three months ended July 31, 2015 , which was paid on September 14, 2015 . Included in this cash distribution were the following amounts paid to related parties: Ferrell Companies $ 11,546 FCI Trading Corp. 100 Ferrell Propane, Inc. 26 James E. Ferrell 2,441 General partner 520 James H. Ballengee 4,890 See additional discussions about transactions with related parties in Note L – Transactions with related parties. Common unit issuances During fiscal 2015, in a non-brokered registered direct offering, which units are subject to certain contractual transfer restrictions, Ferrellgas issued to Ferrell Companies, Inc. and the former owners of two salt water disposal wells from C&E Production, LLC ("C&E") and its affiliates an aggregate of 1.5 million common units for an aggregate purchase price of $42.0 million . Ferrellgas used these proceeds to pay down a portion of the borrowing under the secured credit facility used to fund the C&E salt water disposal wells acquisition as well as propane and related equipment sales acquisitions completed in fiscal 2014. During fiscal 2015, Ferrellgas issued 6.3 million common units in a public offering valued at $139.1 million , after deducting for issuance costs. The net proceeds from this offering were used to partially fund the acquisition of Bridger. During fiscal 2015, Ferrellgas issued 11.3 million common units valued at $260.0 million in connection with the acquisitions of Bridger and propane distribution assets. During fiscal 2014, Ferrellgas Partners, entered into an agreement with the former owners of Sable relating to a non-brokered registered direct offering of 2.0 million common units. Net proceeds of $50.0 million were used to reduce outstanding indebtedness under Ferrellgas’ secured credit facility initially used to fund the Sable acquisition. During fiscal 2014 Ferrellgas issued 0.1 million common units valued at $1.5 million in connection with acquisitions of propane distribution assets. Accumulated Other Comprehensive Income (Loss) (“AOCI”) See Note K – Derivative instruments and hedging activities – for details regarding changes in fair value on risk management financial derivatives recorded within AOCI for the years ended July 31, 2015 and 2014 . General partner’s commitment to maintain its capital account Ferrellgas’ partnership agreements allows the general partner to have an option to maintain its effective 2% general partner interest concurrent with the issuance of other additional equity. During fiscal 2015 , the general partner made cash contributions of $13.3 million and non-cash contributions of $1.0 million to Ferrellgas to maintain its effective 2% general partner interest. During fiscal 2014 , the general partner made cash contributions of $1.1 million and non-cash contributions of $0.9 million to Ferrellgas to maintain its effective 2% general partner interest. |
Ferrellgas, L.P. [Member] | |
Partners' Capital | Partners’ capital Bridger transaction and related distributions and contributions During June 2015, in connection with the Bridger Logistics Acquisition, Ferrellgas, L.P. entered into the following transactions with Ferrellgas Partners and the general partner: • Distributed $418.9 million and $4.3 million in cash to Ferrellgas Partners and the general partner, respectively. • Received an asset contribution of $822.5 million from Ferrellgas Partners. • In connection with this non-cash contribution, Ferrellgas, L.P. received a cash contribution of $8.4 million from the general partner. See Note C - Business combinations for details regarding the acquisition of Bridger. Partnership quarterly distributions paid Ferrellgas, L.P. has paid the following quarterly distributions. For the year ended July 31, 2015 2014 2013 Ferrellgas Partners $ 182,803 $ 176,623 $ 175,380 General partner 1,864 1,803 1,790 On August 20, 2015 , Ferrellgas, L.P. declared distributions for the three months ended July 31, 2015 to Ferrellgas Partners and the general partner of $52.0 million and $0.5 million , respectively, which were paid on September 14, 2015 . Other partnership contributions During fiscal 2015, Ferrellgas, L.P. received cash contributions of $42.2 million from Ferrellgas Partners. The proceeds were used to reduce outstanding indebtedness under Ferrellgas, L.P.'s secured credit facility. During fiscal 2015 and 2014 Ferrellgas, L.P. received asset contributions of $3.0 million and $1.5 million from Ferrellgas Partners in connection with acquisitions of propane distribution assets. See additional discussions about transactions with related parties in Note L – Transactions with related parties. Accumulated other comprehensive income (loss) (“AOCI”) See Note K – Derivative instruments and hedging activities – for details regarding changes in fair value on risk management financial derivatives recorded within AOCI for the years ended July 31, 2015 and 2014 . General partner’s commitment to maintain its capital account Ferrellgas, L.P.’s partnership agreement allows the general partner to have an option to maintain its 1.0101% general partner interest concurrent with the issuance of other additional equity. During fiscal 2015 , the general partner made cash contributions of $0.4 million and non-cash contributions of $0.5 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. During fiscal 2014 , the general partner made cash contributions of $0.5 million and non-cash contributions of $0.5 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jul. 31, 2015 | |
Fair Value Measurements | Fair value measurements Derivative Financial Instruments The following table presents Ferrellgas’ financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of July 31, 2015 and 2014 : Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total July 31, 2015: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 1,828 $ — $ 1,828 Commodity derivatives $ — $ 4,655 $ — $ 4,655 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (4,748 ) $ — $ (4,748 ) Commodity derivatives $ — $ (42,375 ) $ — $ (42,375 ) Contingent consideration $ — $ — $ (100 ) $ (100 ) July 31, 2014: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 2,101 $ — $ 2,101 Commodity derivatives $ — $ 7,006 $ — $ 7,006 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (5,075 ) $ — $ (5,075 ) Commodity derivatives $ — $ (83 ) $ — $ (83 ) Contingent consideration $ — $ — $ (6,400 ) $ (6,400 ) The following is a reconciliation of the opening and closing balances for the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period ended July 31, 2014: Contingent consideration liability Balance at July 31, 2014 $ 6,400 Estimated value at acquisition — Increase in fair value related to accretion 400 Change in fair value included in earnings (6,700 ) Balance at July 31, 2015 $ 100 Quantitative Information about Level 3 Fair Value Measurements Fair value at July 31, 2015 Valuation technique Unobservable input Range Weighted Average Contingent consideration liability $ 100 Discounted cash flow A. Weighted average cost of capital (WACC) N/A 20 % B. Probability of forecast 5% - 80% N/A The valuation of the contingent consideration is based on unobservable inputs such as Ferrellgas' weighted average cost of capital and the likelihood of the acquired company meeting earnings thresholds. As of July 31, 2015 , fluctuations in these inputs could have the following effect (in thousands): Increase/(decrease) 5% increase in WACC 5% decrease in WACC 10% increase in best earnings forecast probability 10% decrease in best earnings forecast probability Change in the fair value of contingent consideration $ (10 ) $ — $ 200 $ (100 ) Methodology The fair values of Ferrellgas’ non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. The fair values of interest rate swap contracts are based upon third-party quotes or indicative values based on recent market transactions. The fair value of Ferrellgas' contingent consideration for the acquisition of Sable, is based upon Ferrellgas' estimate of the likelihood that the target EBITDA metric will be met and exceeded and the amount by which it could be exceeded then discounting that value at a risk- and inflation-adjusted rate. The inputs to this model are the likelihood of meeting and exceeding the target EBITDA metric and discount rate. Management and the sellers prepared an operating forecast based on Sable's operating capacities, historical performance, and projected oil and water volumes and set a target EBITDA metric. Management then assessed the likelihood of this target EBITDA metric being achieved and exceeded and assigned probabilities to various potential outcomes. To determine the appropriate discount rate, management used observable inputs such as inflation rates, short and long-term yields for U.S. government securities and Ferrellgas' nonperformance risk. Due to the significant unobservable inputs required in this measurement, management determined that the fair value measurement of the contingent consideration liability is level 3 in the fair value hierarchy. Other Financial Instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. At July 31, 2015 and July 31, 2014 , the estimated fair value of Ferrellgas’ long-term debt instruments was $1,889.8 million and $1,408.2 million , respectively. Ferrellgas estimates the fair value of long-term debt based on quoted market prices. The fair value of Ferrellgas' consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities. Ferrellgas has other financial instruments such as trade accounts receivable which could expose it to concentrations of credit risk. The credit risk from trade accounts receivable is limited because of a large customer base which extends across many different U.S. markets. |
Ferrellgas, L.P. [Member] | |
Fair Value Measurements | Fair value measurements Derivative Financial Instruments The following table presents Ferrellgas, L.P.’s financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of July 31, 2015 and 2014 : Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs Unobservable Inputs (Level 3) Total July 31, 2015: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 1,828 $ — $ 1,828 Commodity derivatives $ — $ 4,655 $ — $ 4,655 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (4,748 ) $ — $ (4,748 ) Commodity derivatives $ — $ (42,375 ) $ — $ (42,375 ) Contingent consideration $ — $ — $ (100 ) $ (100 ) July 31, 2014: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 2,101 $ — $ 2,101 Commodity derivatives $ — $ 7,006 $ — $ 7,006 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (5,075 ) $ — $ (5,075 ) Commodity derivatives $ — $ (83 ) $ — $ (83 ) Contingent consideration $ — $ — $ (6,400 ) $ (6,400 ) The following is a reconciliation of the opening and closing balances for the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period ended July 31, 2014: Contingent consideration liability Balance at July 31, 2014 $ 6,400 Estimated value at acquisition — Increase in fair value related to accretion 400 Change in fair value included in earnings (6,700 ) Balance at July 31, 2015 $ 100 Quantitative Information about Level 3 Fair Value Measurements Fair value at July 31, 2015 Valuation technique Unobservable input Range Weighted Average Contingent consideration liability $ 100 Discounted cash flow A. Weighted average cost of capital (WACC) N/A 20 % B. Probability of forecast 5% - 80% N/A The valuation of the contingent consideration is based on unobservable inputs such as Ferrellgas, L.P.'s weighted average cost of capital and the likelihood of the acquired company meeting earnings thresholds. As of July 31, 2015 , fluctuations in these inputs could have the following effect (in thousands): Increase/(decrease) 5% increase in WACC 5% decrease in WACC 10% increase in best earnings forecast probability 10% decrease in best earnings forecast probability Change in the fair value of contingent consideration $ (10 ) $ — $ 200 $ (100 ) Methodology The fair values of Ferrellgas, L.P.’s non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. The fair values of interest rate swap contracts are based upon third-party quotes or indicative values based on recent market transactions. The fair value of Ferrellgas, L.P.'s contingent consideration for the Sable acquisition is based upon Ferrellgas, L.P.'s estimate of the likelihood that the target EBITDA metric will be met and exceeded and the amount by which it could be exceeded then discounting that value at a risk- and inflation-adjusted rate. The inputs to this model are the likelihood of meeting and exceeding the target EBITDA metric and discount rate. Management and the sellers prepared an operating forecast based on Sable's operating capacities, historical performance, and projected oil and water volumes and set a target EBITDA metric. Management then assessed the likelihood of this target EBITDA metric being achieved and exceeded and assigned probabilities to various potential outcomes. To determine the appropriate discount rate, management used observable inputs such as inflation rates, short and long-term yields for U.S. government securities and our nonperformance risk. Due to the significant unobservable inputs required in this measurement, management determined that the fair value measurement of the contingent consideration liability is level 3 in the fair value hierarchy. Other Financial Instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. At July 31, 2015 and July 31, 2014 , the estimated fair value of Ferrellgas, L.P.’s long-term debt instruments was $1,700.5 million and $1,215.3 million , respectively. Ferrellgas, L.P. estimates the fair value of long-term debt based on quoted market prices. The fair value of our consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities. Ferrellgas, L.P. has other financial instruments such as trade accounts receivable which could expose it to concentrations of credit risk. The credit risk from trade accounts receivable is limited because of a large customer base which extends across many different U.S. markets. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Jul. 31, 2015 | |
Derivative Instruments and Hedging Activities | Derivative instruments and hedging activities Ferrellgas is exposed to certain market risks related to its ongoing business operations. These risks include exposure to changing commodity prices as well as fluctuations in interest rates. Ferrellgas utilizes derivative instruments to manage its exposure to fluctuations in commodity prices. Of these, the propane commodity derivative instruments are designated as cash flow hedges. All other commodity derivative instruments do not qualify or are not designated as cash flow hedges, therefore, the change in their fair value are recorded currently in earnings. Ferrellgas also periodically utilizes derivative instruments to manage its exposure to fluctuations in interest rates, which is discussed in Note H - Debt. Additional information related to derivatives is provided in Note B – Summary of significant accounting policies. Derivative instruments and hedging activity During the year ended July 31, 2015 , Ferrellgas recognized a $0.2 million loss related to hedge ineffectiveness. During the year ended July 31, 2014 , Ferrellgas did not recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges. The following tables provide a summary of the fair value of derivatives within Ferrellgas’ consolidated balance sheets as of July 31, 2015 and 2014 : July 31, 2015 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives Prepaid expenses and other current assets $ 3,614 Other current liabilities $ 27,929 Commodity derivatives Other assets, net 1,041 Other liabilities 12,034 Interest rate swap agreements Prepaid expenses and other current assets 1,828 Other current liabilities 2,241 Interest rate swap agreements Other assets, net — Other liabilities 2,507 Derivatives not designated as hedging instruments Commodity derivatives Prepaid expenses and other current assets — Other current liabilities 1,280 Commodity derivatives Other assets, net — Other liabilities 1,132 Total $ 6,483 Total $ 47,123 July 31, 2014 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives Prepaid expenses and other current assets $ 5,301 Other current liabilities $ 83 Commodity derivatives Other assets, net 1,705 Other liabilities — Interest rate swap agreements Prepaid expenses and other current assets 2,101 Other current liabilities — Interest rate swap agreements Other assets, net — Other liabilities 5,075 Total $ 9,107 Total $ 5,158 Ferrellgas' exchange traded commodity derivative contracts require cash margin deposit as collateral for contracts that are in a negative mark-to-market position. These cash margin deposits will be returned if mark-to-market conditions improve or will be applied against cash settlement when the contracts are settled. The following tables provide a summary of cash margin deposit balances as of July 31, 2015 and July 31, 2014, respectively: July 31, 2015 Assets Liabilities Description Location Amount Location Amount Margin Deposits Prepaid expense and other current assets $ 18,009 Other current liabilities $ 15 Other assets, net 11,786 Other liabilities — $ 29,795 $ 15 July 31, 2014 Assets Liabilities Description Location Amount Location Amount Margin Deposits Prepaid expense and other current assets $ 156 Other current liabilities $ — Other assets, net 189 Other liabilities — $ 345 $ — The following table provides a summary of the effect on Ferrellgas’ consolidated statements of comprehensive income for the years ended July 31, 2015 and 2014 due to derivatives designated as fair value hedging instruments: Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) Derivative Instrument Location of Gain Recognized on Derivative For the year ended July 31, For the year ended July 31, 2015 2014 2015 2014 Interest rate swap agreements Interest expense $ 1,892 $ 2,520 $ (9,100 ) $ (11,985 ) The following tables provide a summary of the effect on Ferrellgas’ consolidated statements of comprehensive income for the years ended July 31, 2015 and 2014 due to derivatives designated as cash flow hedging instruments: For the year ended July 31, 2015 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Commodity derivatives $ (70,291 ) Cost of product sold- propane and other gas liquids sales $ (28,059 ) Interest rate swap agreements (3,356 ) Interest expense (199 ) $ (73,647 ) $ (28,258 ) For the year ended July 31, 2014 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Commodity derivatives $ 15,473 Cost of product sold- propane and other gas liquids sales $ 10,175 Interest rate swap agreements (881 ) Interest expense — $ 14,592 $ 10,175 The following table provides a summary of the effect on Ferrellgas’ consolidated statements of comprehensive income for the year ended July 31, 2015 due to the change in fair value of derivatives not designated as hedging instruments: For the year ended July 31, 2015 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Reclassified in Income Commodity derivatives $ (2,412 ) Operating expense There was no effect on Ferrellgas' consolidated statements of comprehensive income for the year ended July 31, 2014 due to the change in fair value of derivatives not designated as hedging instruments. The changes in derivatives included in accumulated other comprehensive income (loss) (“AOCI”) for the years ended July 31, 2015 , 2014 and 2013 were as follows: For the year ended July 31, Gains and losses on derivatives included in AOCI 2015 2014 2013 Beginning balance $ 6,483 $ 2,066 $ (12,799 ) Change in value on risk management commodity derivatives (70,291 ) 15,473 2,032 Reclassification of gains and losses of commodity hedges to cost of product sold - propane and other gas liquids sales, net 28,059 (10,175 ) 10,613 Change in value on risk management interest rate derivatives (3,356 ) (881 ) 2,220 Reclassification of gains and losses on interest rate hedges to interest expense 199 — — Ending balance $ (38,906 ) $ 6,483 $ 2,066 Ferrellgas expects to reclassify net losses of approximately $24.3 million to earnings during the next 12 months. These net losses are expected to be offset by increased margins on propane sales commitments Ferrellgas has with its customers that qualify for the normal purchase normal sales exception. During the years ended July 31, 2015 and 2014 , Ferrellgas had no reclassifications to earnings resulting from discontinuance of any cash flow hedges arising from the probability of the original forecasted transactions not occurring within the originally specified period of time defined within the hedging relationship. As of July 31, 2015 , Ferrellgas had financial derivative contracts covering 2.9 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. As of July 31, 2015 , Ferrellgas, L.P. had financial derivative contracts covering 0.3 million barrels of diesel and 0.1 million barrels of unleaded gasoline related to fuel hedges in transportation of propane. Derivative Financial Instruments Credit Risk Ferrellgas is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgas’ counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas maintains credit policies with regard to its counterparties that it believes reduces its overall credit risk. These policies include evaluating and monitoring its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas in the forms of letters of credit, parental guarantees or cash. Although Ferrellgas has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties, the maximum amount of loss due to credit risk that, based upon the gross fair values of the derivative financial instruments, Ferrellgas would incur no loss if these counterparties that make up the concentration failed to perform according to the terms of their contracts at July 31, 2015 . Ferrellgas L.P. holds certain derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon the Partnership’s debt rating. As of July 31, 2015 , a downgrade in the Partnership’s debt rating could trigger a reduction in credit limit and would result in an additional collateral requirement of $0.4 million . There were $0.4 million of derivatives with credit-risk-related contingent features in a liability position on July 31, 2015 and Ferrellgas L.P. had posted no collateral in the normal course of business related to such derivatives. |
Ferrellgas, L.P. [Member] | |
Derivative Instruments and Hedging Activities | Derivative instruments and hedging activities Ferrellgas, L.P. is exposed to certain market risks related to its ongoing business operations. These risks include exposure to changing commodity prices as well as fluctuations in interest rates. Ferrellgas, L.P. utilizes derivative instruments to manage its exposure to fluctuations in commodity prices. Of these, the propane commodity derivative instruments are designated as cash flow hedges. All other commodity derivative instruments do not qualify or are not designated as cash flow hedges, therefore, the change in their fair value are recorded currently in earnings. Ferrellgas, L.P. also periodically utilizes derivative instruments to manage its exposure to fluctuations in interest rates, which is discussed in Note H - Debt. Additional information related to derivatives is provided in Note B – Summary of significant accounting policies. Derivative instruments and hedging activity During the year ended July 31, 2015 , Ferrellgas, L.P. recognized a $0.2 million loss related to hedge ineffectiveness. During the year ended July 31, 2014 , Ferrellgas, L.P. did not recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges. The following tables provide a summary of the fair value of derivatives within Ferrellgas, L.P.’s consolidated balance sheets as of July 31, 2015 and 2014 : July 31, 2015 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives Prepaid expenses and other current assets $ 3,614 Other current liabilities $ 27,929 Commodity derivatives Other assets, net 1,041 Other liabilities 12,034 Interest rate swap agreements Prepaid expenses and other current assets 1,828 Other current liabilities 2,241 Interest rate swap agreements Other assets, net — Other liabilities 2,507 Derivatives not designated as hedging instruments Commodity derivatives Prepaid expenses and other current assets — Other current liabilities 1,280 Commodity derivatives Other assets, net — Other liabilities 1,132 Total $ 6,483 Total $ 47,123 July 31, 2014 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives Prepaid expenses and other current assets $ 5,301 Other current liabilities $ 83 Commodity derivatives Other assets, net 1,705 Other liabilities — Interest rate swap agreements Prepaid expenses and other current assets 2,101 Other current liabilities — Interest rate swap agreements Other assets, net — Other liabilities 5,075 Total $ 9,107 Total $ 5,158 Ferrellgas, L.P.'s exchange traded commodity derivative contracts require cash margin deposit as collateral for contracts that are in a negative mark-to-market position. These cash margin deposits will be returned if mark-to-market conditions improve or will be applied against cash settlement when the contracts are settled. The following tables provide a summary of cash margin deposit balances as of July 31, 2015 and July 31, 2014, respectively: July 31, 2015 Assets Liabilities Description Location Amount Location Amount Margin Deposits Prepaid expense and other current assets $ 18,009 Other current liabilities $ 15 Other assets, net 11,786 Other liabilities — $ 29,795 $ 15 July 31, 2014 Assets Liabilities Description Location Amount Location Amount Margin Deposits Prepaid expense and other current assets $ 156 Other current liabilities $ — Other assets, net 189 Other liabilities — $ 345 $ — The following table provides a summary of the effect on Ferrellgas, L.P.’s consolidated statements of comprehensive income for the years ended July 31, 2015 and 2014 due to derivatives designated as fair value hedging instruments: Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) Derivative Instrument Location of Gain Recognized on Derivative For the year ended July 31, For the year ended July 31, 2015 2014 2015 2014 Interest rate swap agreements Interest expense $ 1,892 $ 2,520 $ (9,100 ) $ (11,985 ) The following tables provide a summary of the effect on Ferrellgas, L.P.'s consolidated statements of comprehensive income for the years ended July 31, 2015 and 2014 due to derivatives designated as cash flow hedging instruments: For the year ended July 31, 2015 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Commodity derivatives $ (70,291 ) Cost of product sold- propane and other gas liquids sales $ (28,059 ) Interest rate swap agreements (3,356 ) Interest expense (199 ) $ (73,647 ) $ (28,258 ) For the year ended July 31, 2014 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Commodity derivatives $ 15,473 Cost of product sold- propane and other gas liquids sales $ 10,175 Interest rate swap agreements (881 ) Interest expense — $ 14,592 $ 10,175 The following table provides a summary of the effect on Ferrellgas, L.P.'s consolidated statements of comprehensive income for the year ended July 31, 2015 due to the change in fair value of derivatives not designated as hedging instruments: For the year ended July 31, 2015 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Reclassified in Income Commodity derivatives $ (2,412 ) Operating expense There was no effect on Ferrellgas, L.P.'s consolidated statements of comprehensive income for the year ended July 31, 2014 due to the change in fair value of derivatives not designated as hedging instruments. The changes in derivatives included in accumulated other comprehensive income (loss) (“AOCI”) for the years ended July 31, 2015 , 2014 and 2013 were as follows: For the year ended July 31, Gains and losses on derivatives included in AOCI 2015 2014 2013 Beginning balance $ 6,483 $ 2,066 $ (12,799 ) Change in value on risk management commodity derivatives (70,291 ) 15,473 2,032 Reclassification of gains and losses of commodity hedges to cost of product sold - propane and other gas liquids sales, net 28,059 (10,175 ) 10,613 Change in value on risk management interest rate derivatives (3,356 ) (881 ) 2,220 Reclassification of gains and losses on interest rate hedges to interest expense $ 199 $ — $ — Ending balance $ (38,906 ) $ 6,483 $ 2,066 Ferrellgas, L.P. expects to reclassify net losses of approximately $24.3 million to earnings during the next 12 months. These net losses are expected to be offset by increased margins on propane sales commitments Ferrellgas, L.P. has with its customers that qualify for the normal purchase normal sales exception. During the years ended July 31, 2015 and 2014 , Ferrellgas, L.P. had no reclassifications to earnings resulting from discontinuance of any cash flow hedges arising from the probability of the original forecasted transactions not occurring within the originally specified period of time defined within the hedging relationship. As of July 31, 2015 , Ferrellgas, L.P. had financial derivative contracts covering 2.9 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. As of July 31, 2015 , Ferrellgas, L.P. had financial derivative contracts covering 0.3 million barrels of diesel and 0.1 million barrels of unleaded gasoline related to fuel hedges in transportation of propane. Derivative Financial Instruments Credit Risk Ferrellgas, L.P. is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgas, L.P.’s counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas, L.P. maintains credit policies with regard to its counterparties that it believes reduces its overall credit risk. These policies include evaluating and monitoring its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas, L.P. in the forms of letters of credit, parental guarantees or cash. Although Ferrellgas, L.P. has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties, the maximum amount of loss due to credit risk that, based upon the gross fair values of the derivative financial instruments, Ferrellgas, L.P. would incur no loss if these counterparties that make up the concentration failed to perform according to the terms of their contracts at July 31, 2015 . Ferrellgas, L.P. holds certain derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon the Partnership’s debt rating. As of July 31, 2015 , a downgrade in the Partnership’s debt rating could trigger a reduction in credit limit and would result in an additional collateral requirement of $0.4 million . There were $0.4 million of derivatives with credit-risk-related contingent features in a liability position on July 31, 2015 and Ferrellgas, L.P. had posted no collateral in the normal course of business related to such derivatives. |
Transactions With Related Parti
Transactions With Related Parties | 12 Months Ended |
Jul. 31, 2015 | |
Transactions With Related Parties | Transactions with related parties Ferrellgas has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas’ partnership agreements, the general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of Ferrellgas and all other necessary or appropriate expenses allocable to Ferrellgas or otherwise reasonably incurred by its general partner in connection with operating Ferrellgas’ business. These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas’ behalf and are reported in the consolidated statements of earnings as follows: For the year ended July 31, 2015 2014 2013 Operating expense $ 217,742 $ 216,657 $ 203,859 General and administrative expense $ 27,278 $ 32,119 $ 30,053 In connection with the closing of the Bridger Logistics acquisition, Ferrellgas issued common units to Bridger Marketing, LLC (now known as Jamex Marketing, LLC) and entered into a ten-year transportation and logistics agreement (the "TLA") with Jamex Marketing, LLC. As a result of that issuance, Jamex Marketing, LLC owns 9.5% of Ferrellgas Partners' limited partners' interest. Jamex Marketing, LLC, in connection with the TLA, enters into transactions with the operating partnership and its subsidiaries. Bridger provides crude oil logistics services for Jamex Marketing, LLC, including the purchase, sale, transportation and storage of crude oil by truck, terminal and pipeline. During fiscal 2015, Ferrellgas' total revenues and cost of sales from these transactions were $9.4 million and $8.4 million , respectively. The amounts due from and due to Jamex Marketing, LLC at July 31, 2015, were $4.8 million and $4.2 million , respectively. See additional discussions about transactions with the general partner and related parties in Note I – Partners’ capital (deficit). |
Ferrellgas, L.P. [Member] | |
Transactions With Related Parties | Transactions with related parties Ferrellgas, L.P. has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas, L.P.’s partnership agreement, the general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of Ferrellgas, L.P., and all other necessary or appropriate expenses allocable to Ferrellgas, L.P. or otherwise reasonably incurred by its general partner in connection with operating Ferrellgas, L.P.’s business. These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas, L.P.’s behalf and are reported in the consolidated statements of earnings as follows: For the year ended July 31, 2015 2014 2013 Operating expense $ 217,742 $ 216,657 $ 203,859 General and administrative expense $ 27,278 $ 32,119 $ 30,053 In connection with the closing of the Bridger Logistics acquisition, Ferrellgas Partners issued common units to Bridger Marketing, LLC (now known as Jamex Marketing, LLC) and entered into a ten-year transportation and logistics agreement (the "TLA") with Jamex Marketing, LLC. As a result of that issuance, Jamex Marketing, LLC owns 9.5% of our outstanding common units; however, neither Jamex Marketing, LLC nor any of its affiliates has any interest in our general partner or its board of directors or any control of our business or policies. Jamex Marketing, LLC, in connection with the TLA, enters into transactions with the operating partnership and its subsidiaries. Bridger provides crude oil logistics services for Jamex Marketing, LLC, including the purchase, sale, transportation and storage of crude oil by truck, terminal and pipeline. During fiscal 2015, Ferrellgas, L.P.'s total revenues and cost of sales from these transactions were $9.4 million and $8.4 million , respectively. The amounts due from and to Jamex Marketing at July 31, 2015, were $4.8 million and $4.2 million , respectively. See additional discussions about transactions with the general partner and related parties in Note I – Partners’ capital. |
Contingencies And Commitments
Contingencies And Commitments | 12 Months Ended |
Jul. 31, 2015 | |
Contingencies And Commitments | Contingencies and commitments Litigation Ferrellgas’ operations are subject to all operating hazards and risks normally incidental to handling, storing, transporting and otherwise providing for use by consumers of combustible liquids such as propane and crude oil. As a result, at any given time, Ferrellgas can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. Other than as discussed below, Ferrellgas is not a party to any legal proceedings other than various claims and lawsuits arising in the ordinary course of business. It is not possible to determine the ultimate disposition of these matters; however, management is of the opinion that there are no known claims or contingent claims that are reasonably expected to have a material adverse effect on the consolidated financial condition, results of operations and cash flows of Ferrellgas. The Federal Trade Commission (“FTC”) initiated an investigation into certain practices related to the filling of portable propane cylinders. On March 27, 2014, the FTC filed an administrative complaint alleging that Ferrellgas and one of its competitors colluded in 2008 to persuade a customer to accept the cylinder fill reduction from 17 pounds to 15 pounds. The complaint did not seek monetary remedies. Ferrellgas reached a settlement with the FTC during the three months ended October 31, 2014 without any financial payment; the settlement has been approved by a vote of the Commission and became final after a public comment period. Ferrellgas has also been named as a defendant, along with a competitor, in putative class action lawsuits filed in multiple jurisdictions. The complaints, filed on behalf of direct and indirect customers of Ferrellgas' tank exchange business, reference the FTC complaint mentioned above. The lawsuits allege that Ferrellgas and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to retailers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, attorneys’ fees, injunctive relief and costs on behalf of the putative class. These lawsuits have been consolidated into one case by a multidistrict litigation panel. Ferrellgas believes it has strong defenses to the claims and intends to vigorously defend against the consolidated case. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. In addition, putative class action cases have been filed in California relating to residual propane remaining in the tank after use. Ferrellgas believes it has strong defenses to the claims and intends to vigorously defend against the consolidated case. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. Ferrellgas was named as a defendant in a putative class action lawsuit filed in the United States District Court in Kansas. The complaint was the subject of a motion to dismiss which was granted, in part, in August 2011. The surviving claims alleged breach of contract and breach of the implied duty of good faith and fair dealing, both of which allegedly arise from the existence of an oral contract for continuous propane service. Ferrellgas recently prevailed in a trial to determine whether the claims were required to be arbitrated, resulting in a dismissal of this case. There is no probable or reasonably estimable loss relating to this matter. As of July 31, 2015, Bridger and Murex, LLC were arbitrating a dispute with respect to a sublease of approximately 220 rail cars by Bridger, which arbitration arose out of an action between Bridger and Murex in the 116th Judicial District Court of Dallas County, Texas, originally brought in April 2014. In August 2015, Ferrellgas and Murex settled all claims subject to such dispute, with Ferrellgas paying $10.4 million to Murex in such settlement. The liability was considered in Ferrellgas' acquisition method of accounting for Bridger. Long-term debt-related commitments Ferrellgas has long and short-term payment obligations under agreements such as senior notes and its secured credit facility. See Note H – Debt – for a description of these debt obligations and a schedule of future maturities. Operating lease commitments and buyouts Ferrellgas leases certain property, plant and equipment under non-cancelable and cancelable operating leases. Amounts shown in the table below represent minimum lease payment obligations under Ferrellgas’ third-party operating leases with terms in excess of one year for the periods indicated. These arrangements include the leasing of transportation equipment, property, computer equipment and propane tanks. Ferrellgas accounts for these arrangements as operating leases. Ferrellgas is required to recognize a liability for the fair value of guarantees. The only material guarantees Ferrellgas has are associated with residual value guarantees of operating leases. Most of the operating leases involving Ferrellgas’ transportation equipment contain residual value guarantees. These transportation equipment lease arrangements are scheduled to expire over the next 7 fiscal years. Most of these arrangements provide that the fair value of the equipment will equal or exceed a guaranteed amount, or Ferrellgas will be required to pay the lessor the difference. The fair value of these residual value guarantees was $1.5 million as of July 31, 2015 . Although the fair values of the underlying equipment at the end of the lease terms have historically exceeded these guaranteed amounts, the maximum potential amount of aggregate future payments Ferrellgas could be required to make under these leasing arrangements, assuming the equipment is worthless at the end of the lease term, was $7.0 million as of July 31, 2015 . Ferrellgas does not know of any event, demand, commitment, trend or uncertainty that would result in a material change to these arrangements. Operating lease buyouts represent the maximum amount Ferrellgas would pay if it were to exercise its right to buyout the assets at the end of their lease term. The following table summarizes Ferrellgas’ contractual operating lease commitments and buyout obligations as of July 31, 2015 : Future minimum rental and buyout amounts by fiscal year 2016 2017 2018 2019 2020 Thereafter Operating lease obligations $ 39,999 $ 31,497 $ 25,599 $ 20,084 $ 14,402 $ 16,078 Operating lease buyouts $ 2,738 $ 1,816 $ 3,217 $ 3,011 $ 2,693 $ 9,355 Certain property and equipment is leased under non-cancelable operating leases, which require fixed monthly rental payments and which expire at various dates through 2026 . Rental expense under these leases totaled $45.0 million , $35.6 million and $32.2 million for fiscal 2015 , 2014 and 2013 , respectively. |
Ferrellgas Partners Finance Corp. [Member] | |
Contingencies And Commitments | Contingencies and commitments The Finance Corp. serves as co-issuer and co-obligor for debt securities of the Partnership. The senior unsecured notes contain various restrictive covenants applicable to the Partnership and its subsidiaries, the most restrictive relating to additional indebtedness. As of July 31, 2015 , the Partnership is in compliance with all requirements, tests, limitations and covenants related to this debt agreement. |
Ferrellgas, L.P. [Member] | |
Contingencies And Commitments | Contingencies and commitments Litigation Ferrellgas, L.P.’s operations are subject to all operating hazards and risks normally incidental to handling, storing, transporting and otherwise providing for use by consumers of combustible liquids such as propane and crude oil. As a result, at any given time, Ferrellgas, L.P. can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. Other than as discussed below, Ferrellgas, L.P. is not a party to any legal proceedings other than various claims and lawsuits arising in the ordinary course of business. It is not possible to determine the ultimate disposition of these matters; however, management is of the opinion that there are no known claims or contingent claims that are reasonably expected to have a material adverse effect on the consolidated financial condition, results of operations and cash flows of Ferrellgas, L.P.. The Federal Trade Commission (“FTC”) initiated an investigation into certain practices related to the filling of portable propane cylinders. On March 27, 2014, the FTC filed an administrative complaint alleging that Ferrellgas, L.P. and one of its competitors colluded in 2008 to persuade a customer to accept the cylinder fill reduction from 17 pounds to 15 pounds. The complaint did not seek monetary remedies. Ferrellgas, L.P. reached a settlement with the FTC during the three months ended October 31, 2014 without any financial payment; the settlement has been approved by a vote of the Commission and became final after a public comment period. Ferrellgas, L.P. has also been named as a defendant, along with a competitor, in putative class action lawsuits filed in multiple jurisdictions. The complaints, filed on behalf of direct and indirect customers of Ferrellgas, L.P.'s tank exchange business, reference the FTC complaint mentioned above. The lawsuits allege that Ferrellgas, L.P. and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to retailers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, attorneys’ fees, injunctive relief and costs on behalf of the putative class. These lawsuits have been consolidated into one case by a multidistrict litigation panel. Ferrellgas, L.P. believes it has strong defenses to the claims and intends to vigorously defend against the consolidated case. Ferrellgas, L.P. does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. In addition, putative class action cases have been filed in California relating to residual propane remaining in the tank after use. Ferrellgas, L.P. believes it has strong defenses to the claims and intends to vigorously defend against the consolidated case. Ferrellgas, L.P. does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. Ferrellgas, L.P. was named as a defendant in a putative class action lawsuit filed in the United States District Court in Kansas. The complaint was the subject of a motion to dismiss which was granted, in part, in August 2011. The surviving claims alleged breach of contract and breach of the implied duty of good faith and fair dealing, both of which allegedly arise from the existence of an oral contract for continuous propane service. Ferrellgas, L.P. recently prevailed in a trial to determine whether the claims were required to be arbitrated, resulting in a dismissal of this case. There is no probable or reasonably estimable loss relating to this matter. As of July 31, 2015, Bridger and Murex, LLC were arbitrating a dispute with respect to a sublease of approximately 220 rail cars by Bridger, which arbitration arose out of an action between Bridger and Murex in the 116th Judicial District Court of Dallas County, Texas, originally brought in April 2014. In August 2015, Ferrellgas, L.P. and Murex settled all claims subject to such dispute, with Ferrellgas, L.P. paying $10.4 million to Murex in such settlement. The liability was considered in Ferrellgas, L.P.'s acquisition method of accounting for Bridger. Long-term debt-related commitments Ferrellgas, L.P. has long and short-term payment obligations under agreements such as senior notes and its credit facility. See Note H – Debt – for a description of these debt obligations and a schedule of future maturities. Operating lease commitments and buyouts Ferrellgas, L.P. leases certain property, plant and equipment under non-cancelable and cancelable operating leases. Amounts shown in the table below represent minimum lease payment obligations under Ferrellgas, L.P.’s third-party operating leases with terms in excess of one year for the periods indicated. These arrangements include the leasing of transportation equipment, property, computer equipment and propane tanks. Ferrellgas, L.P. accounts for these arrangements as operating leases. Ferrellgas, L.P. is required to recognize a liability for the fair value of guarantees. The only material guarantees Ferrellgas, L.P. has are associated with residual value guarantees of operating leases. Most of the operating leases involving Ferrellgas, L.P.’s transportation equipment contain residual value guarantees. These transportation equipment lease arrangements are scheduled to expire over the next 7 fiscal years. Most of these arrangements provide that the fair value of the equipment will equal or exceed a guaranteed amount, or Ferrellgas, L.P. will be required to pay the lessor the difference. The fair value of these residual value guarantees was $1.5 million as of July 31, 2015 . Although the fair values of the underlying equipment at the end of the lease terms have historically exceeded these guaranteed amounts, the maximum potential amount of aggregate future payments Ferrellgas, L.P. could be required to make under these leasing arrangements, assuming the equipment is worthless at the end of the lease term, was $7.0 million as of July 31, 2015 . Ferrellgas, L.P. does not know of any event, demand, commitment, trend or uncertainty that would result in a material change to these arrangements. Operating lease buyouts represent the maximum amount Ferrellgas, L.P. would pay if it were to exercise its right to buyout the assets at the end of their lease term. The following table summarizes Ferrellgas, L.P.’s contractual operating lease commitments and buyout obligations as of July 31, 2015 : Future minimum rental and buyout amounts by fiscal year 2016 2017 2018 2019 2020 Thereafter Operating lease obligations $ 39,999 $ 31,497 $ 25,599 $ 20,084 $ 14,402 $ 16,078 Operating lease buyouts $ 2,738 $ 1,816 $ 3,217 $ 3,011 $ 2,693 $ 9,355 Certain property and equipment is leased under non-cancelable operating leases, which require fixed monthly rental payments and which expire at various dates through 2026 . Rental expense under these leases totaled $45.0 million , $35.6 million and $32.2 million for fiscal 2015 , 2014 and 2013 , respectively. |
Ferrellgas Finance Corp. [Member] | |
Contingencies And Commitments | Contingencies and commitments The Finance Corp. serves as co-issuer and co-obligor for debt securities of the Partnership. The senior notes agreements contain various restrictive covenants applicable to the Partnership and its subsidiaries, the most restrictive relating to additional indebtedness. As of July 31, 2015 , the Partnership is in compliance with all requirements, tests, limitations and covenants related to these debt agreements. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Jul. 31, 2015 | |
Employee Benefits | Employee benefits Ferrellgas has no employees and is managed and controlled by its general partner. Ferrellgas assumes all liabilities, which include specific liabilities related to the following employee benefit plans for the benefit of the officers and employees of the general partner. Ferrell Companies makes contributions to the ESOT, which causes a portion of the shares of Ferrell Companies owned by the ESOT to be allocated to employees’ accounts over time. The allocation of Ferrell Companies’ shares to employee accounts causes a non-cash compensation charge to be incurred by Ferrellgas, equivalent to the fair value of such shares allocated. This non-cash compensation charge is reported separately in Ferrellgas’ consolidated statements of earnings and thus excluded from operating and general and administrative expenses. The non-cash compensation charges were $24.7 million , $21.8 million and $15.8 million during fiscal 2015 , 2014 and 2013 , respectively. Ferrellgas is not obligated to fund or make contributions to the ESOT. The general partner and its parent, Ferrell Companies, have a defined contribution profit-sharing plan which includes both profit sharing and matching contribution features. The plan covers substantially all full time employees. The plan, which qualifies under section 401(k) of the Internal Revenue Code, also provides for matching contributions under a cash or deferred arrangement based upon participant salaries and employee contributions to the plan. Matching contributions for fiscal 2015 , 2014 and 2013 were $3.9 million , $3.6 million and $3.0 million , respectively. The general partner has a defined benefit plan that provides participants who were covered under a previously terminated plan with a guaranteed retirement benefit at least equal to the benefit they would have received under the terminated plan. Until July 31, 1999, benefits under the terminated plan were determined by years of credited service and salary levels. As of July 31, 1999, years of credited service and salary levels were frozen. The general partner’s funding policy for this plan is to contribute amounts deductible for Federal income tax purposes and invest the plan assets primarily in corporate stocks and bonds, U.S. Treasury bonds and short-term cash investments. During fiscal 2015 , 2014 and 2013 , other comprehensive income and other liabilities were adjusted by $(0.2) million , $0.3 million and $0.3 million , respectively. |
Ferrellgas, L.P. [Member] | |
Employee Benefits | Employee benefits Ferrellgas, L.P. has no employees and is managed and controlled by its general partner. Ferrellgas, L.P. assumes all liabilities, which include specific liabilities related to the following employee benefit plans for the benefit of the officers and employees of the general partner. Ferrell Companies makes contributions to the ESOT, which causes a portion of the shares of Ferrell Companies owned by the ESOT to be allocated to employees’ accounts over time. The allocation of Ferrell Companies’ shares to employee accounts causes a non-cash compensation charge to be incurred by Ferrellgas, L.P., equivalent to the fair value of such shares allocated. This non-cash compensation charge is reported separately in Ferrellgas, L.P.’s consolidated statements of earnings and thus excluded from operating and general and administrative expenses. The non-cash compensation charges were $24.7 million , $21.8 million and $15.8 million during fiscal 2015 , 2014 and 2013 , respectively. Ferrellgas, L.P. is not obligated to fund or make contributions to the ESOT. The general partner and its parent, Ferrell Companies, have a defined contribution profit-sharing plan which includes both profit sharing and matching contribution features. The plan covers substantially all full time employees. The plan, which qualifies under section 401(k) of the Internal Revenue Code, also provides for matching contributions under a cash or deferred arrangement based upon participant salaries and employee contributions to the plan. Matching contributions for fiscal 2015 , 2014 and 2013 were $3.9 million , $3.6 million and $3.0 million , respectively. The general partner has a defined benefit plan that provides participants who were covered under a previously terminated plan with a guaranteed retirement benefit at least equal to the benefit they would have received under the terminated plan. Until July 31, 1999, benefits under the terminated plan were determined by years of credited service and salary levels. As of July 31, 1999, years of credited service and salary levels were frozen. The general partner’s funding policy for this plan is to contribute amounts deductible for Federal income tax purposes and invest the plan assets primarily in corporate stocks and bonds, U.S. Treasury bonds and short-term cash investments. During fiscal 2015 , 2014 and 2013 , other comprehensive income and other liabilities were adjusted by $(0.2) million , $0.3 million and $0.3 million , respectively. |
Net Earnings (Loss) Per Common
Net Earnings (Loss) Per Common Unitholders' Interest | 12 Months Ended |
Jul. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net Earnings (Loss) Per Common Unitholders' Interest | Net earnings per common unitholders’ interest Below is a calculation of the basic and diluted net earnings per common unitholders’ interest in the consolidated statements of earnings for the periods indicated. In accordance with guidance issued by the FASB regarding participating securities and the two-class method, Ferrellgas calculates net earnings per common unitholders’ interest for each period presented according to distributions declared and participation rights in undistributed earnings, as if all of the earnings or loss for the period had been distributed. Due to the seasonality of Ferrellgas' business, the dilutive effect of the two-class method typically impacts only the three months ending January 31. In periods with undistributed earnings above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the general partner and a dilution of the earnings to the limited partners as follows. Ratio of total distributions payable to: Quarterly distribution per common unit Common unitholder General partner $0.56 to $0.63 86.9 % 13.1 % $0.64 to $0.82 76.8 % 23.2 % $0.83 and above 51.5 % 48.5 % There was not a dilutive effect resulting from this guidance on basic and diluted net earnings per common unitholders’ interest for fiscal 2015 , 2014 and 2013 . In periods with net losses, the allocation of the net losses to the limited partners and the general partner will be determined based on the same allocation basis specified in the Ferrellgas Partners’ partnership agreement that would apply to periods in which there were no undistributed earnings. Additionally, in periods with net losses, there are no dilutive securities. For the year ended July 31, 2015 2014 2013 Common unitholders’ interest in net earnings $ 29,324 $ 32,879 $ 55,862 Weighted average common units outstanding (in thousands) 84,646.2 79,651.1 79,038.6 Dilutive securities 6.7 20.6 37.0 Weighted average common units outstanding plus dilutive securities 84,652.9 79,671.7 79,075.6 Basic and diluted net earnings per common unitholders’ interest $ 0.35 $ 0.41 $ 0.71 |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting | 12 Months Ended |
Jul. 31, 2015 | |
Segment Reporting Disclosure | Segment reporting Ferrellgas has two primary operations: propane and related equipment sales and midstream operations. These two operations result in three reportable operating segments: propane and related equipment sales, midstream operations - water solutions and midstream operations - crude oil logistics. During June 2015 , subsequent to an acquisition, Ferrellgas formed a new midstream operation - crude oil logistics segment. During May 2014 , subsequent to an acquisition, Ferrellgas formed a new midstream operation - water solutions segment. The chief operating decision maker evaluates the operating segments using an Adjusted EBITDA performance measure which is based on earnings before income tax expense, interest expense, depreciation and amortization expense, loss on extinguishment of debt, non-cash employee stock ownership plan compensation charge, non-cash stock-based compensation charge, loss on disposal of assets, other income (expense), net, change in fair value of contingent consideration, litigation accrual and related legal fees associated with a class action lawsuit, acquisition and transition expenses, unrealized (non-cash) gain on changes in fair value of derivatives not designated as hedging instruments and net earnings attributable to noncontrolling interests. This performance measure is not a GAAP measure, however the components are computed using amounts that are determined in accordance with GAAP. A reconciliation of this performance measure to net earnings attributable to Ferrellgas Partners L.P., which is its nearest comparable GAAP measure, is included in the tables below. In management's evaluation of performance, certain costs, such as compensation for administrative staff and executive management, are not allocated by segment and, accordingly, the following reportable segment results do not include such unallocated costs. The accounting policies of the operating segments are otherwise the same as those described in the summary of significant accounting policies in Note B. Assets reported within a segment are those assets that can be identified to a segment and primarily consist of trade receivables, property, plant and equipment, inventories, identifiable intangible assets and goodwill. Cash, certain prepaid assets and other assets are not allocated to segments. Although Ferrellgas can and does identify long-lived assets such as property, plant and equipment and identifiable intangible assets to reportable segments, Ferrellgas does not allocate the related depreciation and amortization to the segment as management evaluates segment performance exclusive of these non-cash charges. The propane and related equipment sales segment primarily includes the distribution and sale of propane and related equipment and supplies with concentrations in the Midwest, Southeast, Southwest and Northwest regions of the United States. Sales from propane distribution are generated principally from transporting propane purchased from third parties to propane distribution locations and then to tanks on customers’ premises or to portable propane tanks delivered to nationwide and local retailers. Sales from portable tank exchanges, nationally branded under the name Blue Rhino, are generated through a network of independent and partnership-owned distribution outlets. The midstream operations - crude oil logistics segment primarily includes a domestic crude oil transportation and logistics provider with an integrated portfolio of midstream assets. These assets connect crude oil production in prolific unconventional resource plays to downstream markets. Bridger’s truck, pipeline terminal, pipeline, rail and maritime assets form a comprehensive, fee-for-service business model, and substantially all of its cash flow is expected to be generated from fee-based commercial agreements. Bridger’s fee-based business model generates income by providing crude oil transportation and logistics services on behalf of producers and end users of crude oil. The midstream operations - water solutions segment primarily includes salt water disposal wells that are a critical component of the oil and natural gas well drilling industry. Oil and gas wells generate significant volumes of salt water known as “flowback” and “production” water. Flowback is a water based solution that flows back to the surface during and after the completion of the hydraulic fracturing (“fracking”) process whereby large volumes of water, sand and chemicals are injected under high pressures into rock formations to stimulate production. Production water is salt water from underground formations that are brought to the surface during the normal course of oil or gas production. In the oil and gas fields Ferrellgas services, these volumes of water are transported by truck away from the fields to salt water disposal wells where it is injected into underground geologic formations using high-pressure pumps. Revenue is derived from fees charged to customers to dispose of salt water at the disposal facilities and crude oil sales from the skimming oil process. Prior to the Sable acquisition in May 2014 , Ferrellgas managed and evaluated its operations as a single reportable segment. As the current three reportable segment structure is the result of both the Bridger Logistics Acquisition completed in June 2015 and the Sable acquisition completed during May 2014 , comparative historical segment information for fiscal 2013 does not exist. Following is a summary of segment information for the years ended July 31, 2015 and 2014. Year Ended July 31, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Segment revenues $ 1,917,201 $ 81,512 $ 25,677 $ — $ 2,024,390 Direct costs (1) 1,591,404 72,929 20,141 39,732 1,724,206 Adjusted EBITDA $ 325,797 $ 8,583 $ 5,536 $ (39,732 ) $ 300,184 Year Ended July 31, 2014 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Segment revenues $ 2,398,425 $ — $ 7,435 $ — $ 2,405,860 Direct costs (1) 2,067,133 — 3,997 46,582 2,117,712 Adjusted EBITDA $ 331,292 $ — $ 3,438 $ (46,582 ) $ 288,148 (1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of sales-other", "cost of sales-midstream operations", "operating expense", "general and administrative expense", and "equipment lease expense" less "non-cash stock and unit-based compensation charge", "change in fair value of contingent consideration", "litigation accrual and related legal fees associated with a class action lawsuit", "acquisition and transition expenses" and "unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments". Following is a reconciliation of Ferrellgas' total segment performance measure to consolidated net earnings: Year Ended July 31, 2015 2014 Net earnings attributable to Ferrellgas Partners, L.P. $ 29,620 $ 33,211 Income tax expense (benefit) (315 ) 2,516 Interest expense 100,396 86,502 Depreciation and amortization expense 98,579 84,202 EBITDA 228,280 206,431 Loss on extinguishment of debt — 21,202 Non-cash employee stock ownership plan compensation charge 24,713 21,789 Non-cash stock-based compensation charge 25,982 24,508 Loss on disposal of assets 7,099 6,486 Other expense, net 350 479 Change in fair value of contingent consideration (6,300 ) 5,000 Litigation accrual and related legal fees associated with a class action lawsuit 806 1,749 Acquisition and transition expenses 16,373 — Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments 2,412 — Net earnings attributable to noncontrolling interest 469 504 Adjusted EBITDA $ 300,184 $ 288,148 Following are total assets by segment: July 31, July 31, 2015 2014 Assets Propane and related equipment sales $ 1,295,831 $ 1,400,603 Midstream operations - crude oil logistics 917,325 — Midstream operations - water solutions 205,358 136,116 Corporate and unallocated 45,542 35,551 Total consolidated assets $ 2,464,056 $ 1,572,270 Following are capital expenditures by segment (unaudited): Year Ended July 31, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water solutions Corporate and other Total Capital expenditures: Maintenance $ 16,020 $ — $ 1,072 $ 2,357 $ 19,449 Growth 36,958 64 13,366 — 50,388 Total $ 52,978 $ 64 $ 14,438 $ 2,357 $ 69,837 Year Ended July 31, 2014 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water solutions Corporate & other Total Capital expenditures: Maintenance $ 14,682 $ — $ 181 $ 3,275 $ 18,138 Growth 30,501 — 1,715 627 32,843 Total $ 45,183 $ — $ 1,896 $ 3,902 $ 50,981 |
Ferrellgas, L.P. [Member] | |
Segment Reporting Disclosure | Segment reporting Ferrellgas, L.P. has two primary operations: propane and related equipment sales and midstream operations. These two operations result in three reportable operating segments: propane and related equipment sales, midstream operations - water solutions and midstream operations - crude oil logistics. During June 2015, subsequent to an acquisition, Ferrellgas, L.P. formed a new midstream operation - crude oil logistics segment. During May 2014, subsequent to an acquisition, Ferrellgas, L.P. formed a new midstream operation - water solutions segment. The chief operating decision maker evaluates the operating segments using an Adjusted EBITDA performance measure which is based on earnings before income tax expense, interest expense, depreciation and amortization expense, loss on extinguishment of debt, non-cash employee stock ownership plan compensation charge, non-cash stock-based compensation charge, loss on disposal of assets, other income (expense), net, change in fair value of contingent consideration, litigation accrual and related legal fees associated with a class action lawsuit, acquisition and transition expenses and unrealized (non-cash) gain on changes in fair value of derivatives not designated as hedging instruments. This performance measure is not a GAAP measure, however, the components are computed using amounts that are determined in accordance with GAAP. A reconciliation of this performance measure to net earnings, which is its nearest comparable GAAP measure, is included in the tables below. In management's evaluation of performance, certain costs, such as compensation for administrative staff and executive management, are not allocated by segment and, accordingly, the following reportable segment results do not include such unallocated costs. The accounting policies of the operating segments are otherwise the same as those described in the summary of significant accounting policies in Note B. Assets reported within a segment are those assets that can be identified to a segment and primarily consist of trade receivables, property, plant and equipment, inventories, identifiable intangible assets and goodwill. Cash, certain prepaid assets and other assets are not allocated to segments. Although Ferrellgas, L.P. can and does identify long-lived assets such as property, plant and equipment and identifiable intangible assets to reportable segments, Ferrellgas, L.P. does not allocate the related depreciation and amortization to the segment as management evaluates segment performance exclusive of these non-cash charges. The propane and related equipment sales segment primarily includes the distribution and sale of propane and related equipment and supplies with concentrations in the Midwest, Southeast, Southwest and Northwest regions of the United States. Sales from propane distribution are generated principally from transporting propane purchased from third parties to propane distribution locations and then to tanks on customers’ premises or to portable propane tanks delivered to nationwide and local retailers. Sales from portable tank exchanges, nationally branded under the name Blue Rhino, are generated through a network of independent and partnership-owned distribution outlets. The midstream operations - crude oil logistics segment primarily includes a domestic crude oil transportation and logistics provider with an integrated portfolio of midstream assets. These assets connect crude oil production in prolific unconventional resource plays to downstream markets. Bridger's truck, pipeline terminal, pipeline, rail and maritime assets form a comprehensive, fee-for-service business model, and substantially all of its cash flow is expected to be generated from fee-based commercial agreements. Bridger's fee-based business model generates income by providing crude oil transportation and logistics services on behalf of producers and end users of crude oil. The midstream operations - water solutions segment primarily includes salt water disposal wells that are a critical component of the oil and natural gas well drilling industry. Oil and gas wells generate significant volumes of salt water known as “flowback” and “production” water. Flowback is a water based solution that flows back to the surface during and after the completion of the hydraulic fracturing (“fracking”) process whereby large volumes of water, sand and chemicals are injected under high pressures into rock formations to stimulate production. Production water is salt water from underground formations that are brought to the surface during the normal course of oil or gas production. In the oil and gas fields Ferrellgas, L.P. services, these volumes of water are transported by truck away from the fields to salt water disposal wells where it is injected into underground geologic formations using high-pressure pumps. Revenue is derived from fees charged to customers to dispose of salt water at the disposal facilities and crude oil sales from the skimming oil process. Prior to the Sable acquisition in May 2014, Ferrellgas, L.P. managed and evaluated its operations as a single reportable segment. As the current three reportable segment structure is the result of both the Bridger Logistics Acquisition completed in June 2015 and the Sable acquisition completed during May 2014, comparative historical segment information for fiscal 2013 does not exist. Following is a summary of segment information for the years ended July 31, 2015 and 2014. Year Ended July 31, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Segment revenues $ 1,917,201 $ 81,512 $ 25,677 $ — $ 2,024,390 Direct costs (1) 1,591,300 72,929 20,141 39,732 1,724,102 Adjusted EBITDA $ 325,901 $ 8,583 $ 5,536 $ (39,732 ) $ 300,288 Year Ended July 31, 2014 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Segment revenues $ 2,398,425 $ — $ 7,435 $ — $ 2,405,860 Direct costs (1) 2,067,156 — 3,997 46,582 2,117,735 Adjusted EBITDA $ 331,269 $ — $ 3,438 $ (46,582 ) $ 288,125 (1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of sales-other", "cost of sales-midstream operations", "operating expense", "general and administrative expense", and "equipment lease expense" less "non-cash stock and unit-based compensation charge", "change in fair value of contingent consideration", "litigation accrual and related legal fees associated with a class action lawsuit", "acquisition and transition expenses" and "unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments". Following is a reconciliation of Ferrellgas, L.P.'s total segment performance measure to consolidated net earnings: Year Ended July 31, 2015 2014 Net earnings $ 46,427 $ 49,907 Income tax expense (benefit) (384 ) 2,471 Interest expense 84,227 70,332 Depreciation and amortization expense 98,579 84,202 EBITDA 228,849 206,912 Loss on extinguishment of debt — 21,202 Non-cash employee stock ownership plan compensation charge 24,713 21,789 Non-cash stock and unit-based compensation charge 25,982 24,508 Loss on disposal of assets 7,099 6,486 Other expense, net 354 479 Change in fair value of contingent consideration (6,300 ) 5,000 Litigation accrual and related legal fees associated with a class action lawsuit 806 1,749 Acquisition and transition expenses 16,373 — Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments 2,412 — Adjusted EBITDA $ 300,288 $ 288,125 Following are total assets by segment: July 31, July 31, 2015 2014 Assets Propane and related equipment sales $ 1,291,737 $ 1,400,603 Midstream operations - crude oil logistics 917,325 — Midstream operations - water solutions 205,358 136,116 Corporate and unallocated 45,542 33,114 Total consolidated assets $ 2,459,962 $ 1,569,833 Following are capital expenditures by segment (unaudited): Year Ended July 31, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water solutions Corporate and other Total Capital expenditures: Maintenance $ 16,020 $ — $ 1,072 $ 2,357 $ 19,449 Growth 36,958 64 13,366 — 50,388 Total $ 52,978 $ 64 $ 14,438 $ 2,357 $ 69,837 Year Ended July 31, 2014 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water solutions Corporate & other Total Capital expenditures: Maintenance $ 14,682 $ — $ 181 $ 3,275 $ 18,138 Growth 30,501 — 1,715 627 32,843 Total $ 45,183 $ — $ 1,896 $ 3,902 $ 50,981 |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Jul. 31, 2015 | |
Quarterly Data | Quarterly data (unaudited) The following summarized unaudited quarterly data includes all adjustments (consisting only of normal recurring adjustments, with the exception of those items indicated below), which Ferrellgas considers necessary for a fair presentation. Due to the seasonality of the propane distribution business, first and fourth quarter Revenues, gross margin from propane and other gas liquids sales, Net earnings attributable to Ferrellgas Partners and common unitholders’ interest in net earnings are consistently less than the second and third quarter results. Other factors affecting the results of operations include competitive conditions, demand for product, timing of acquisitions, variations in the weather and fluctuations in propane prices. The sum of basic and diluted net earnings (loss) per common unitholders’ interest by quarter may not equal the basic and diluted net earnings (loss) per common unitholders’ interest for the year due to variations in the weighted average units outstanding used in computing such amounts. For the year ended July 31, 2015 First quarter Second quarter Third quarter Fourth quarter Revenues $ 443,355 $ 665,973 $ 532,551 $ 382,511 Gross margin from propane and other gas liquids sales (a) 129,547 230,175 191,983 128,087 Gross margin from midstream operations (b) 5,948 4,934 3,416 16,301 Net earnings (loss) (33,169 ) 86,371 36,220 (59,333 ) Net earnings (loss) attributable to Ferrellgas Partners, L.P. (32,875 ) 85,458 35,812 (58,775 ) Common unitholders’ interest in net earnings (loss) (32,546 ) 84,603 35,454 (58,187 ) Basic and diluted net earnings (loss) per common unitholders’ interest $ (0.40 ) $ 0.89 $ 0.43 $ (0.64 ) For the year ended July 31, 2014 First quarter Second quarter Third quarter Fourth quarter Revenues $ 415,030 $ 869,683 $ 722,117 $ 399,030 Gross margin from propane and other gas liquids sales (a) 123,469 237,940 202,861 126,685 Gross margin from midstream operations (b) — — — 5,465 Net earnings (loss) (25,057 ) 61,123 45,890 (48,241 ) Net earnings (loss) attributable to Ferrellgas Partners, L.P. (24,843 ) 60,464 45,385 (47,795 ) Common unitholders’ interest in net earnings (loss) (24,595 ) 59,860 44,931 (47,317 ) Basic and diluted net earnings (loss) per common unitholders’ interest $ (0.31 ) $ 0.72 $ 0.57 $ (0.58 ) (a) Gross margin from “Propane and other gas liquids sales” represents “Revenues - propane and other gas liquids sales” less “Cost of sales – propane and other gas liquids sales.” (b) Gross margin from "Midstream operations" represents "Revenues - midstream operations" less "Cost of sales - midstream operations." |
Ferrellgas, L.P. [Member] | |
Quarterly Data | Quarterly data (unaudited) The following summarized unaudited quarterly data includes all adjustments (consisting only of normal recurring adjustments, with the exception of those items indicated below), which Ferrellgas, L.P. considers necessary for a fair presentation. Due to the seasonality of the propane distribution business, first and fourth quarter Revenues, gross margin from propane and other gas liquids sales and Net earnings are consistently less than the second and third quarter results. Other factors affecting the results of operations include competitive conditions, demand for product, timing of acquisitions, variations in the weather and fluctuations in propane prices. For the year ended July 31, 2015 First quarter Second quarter Third quarter Fourth quarter Revenues $ 443,355 $ 665,973 $ 532,551 $ 382,511 Gross margin from propane and other gas liquids sales (a) 129,547 230,175 191,983 128,087 Gross margin from midstream operations (b) $ 5,948 $ 4,934 $ 3,416 $ 16,301 Net earnings (loss) $ (29,137 ) $ 90,409 $ 40,404 $ (55,249 ) For the year ended July 31, 2014 First quarter Second quarter Third quarter Fourth quarter Revenues $ 415,030 $ 869,683 $ 722,117 $ 399,030 Gross margin from propane and other gas liquids sales (a) 123,469 237,940 202,861 126,685 Gross margin from midstream operations (b) $ — $ — $ — $ 5,465 Net earnings (loss) $ (21,138 ) $ 65,171 $ 50,053 $ (44,179 ) (a) Gross margin from “Propane and other gas liquids sales” represents “Revenues - propane and other gas liquids sales” less “Cost of sales – propane and other gas liquids sales.” (b) Gross margin from "Midstream operations" represents "Revenues - midstream operations" less "Cost of sales - midstream operations." |
Income Taxes
Income Taxes | 12 Months Ended |
Jul. 31, 2015 | |
Ferrellgas Partners Finance Corp. [Member] | |
Income Taxes | Income taxes Income taxes have been computed separately as the Finance Corp. files its own income tax return. Deferred income taxes are provided as a result of temporary differences between financial and tax reporting using the asset/liability method. Deferred income taxes are recognized for the tax consequences of temporary differences between the financial statement carrying amounts and tax basis of existing assets and liabilities. Due to the inability of the Finance Corp. to utilize the deferred tax benefit of $6,588 associated with the net operating loss carryforward of $16,936 , which expire at various dates through July 31, 2035 , a valuation allowance has been provided on the full amount of the deferred tax asset. Accordingly, there is no net deferred tax benefit for fiscal 2015 , 2014 or 2013 , and there is no net deferred tax asset as of July 31, 2015 and 2014 . |
Ferrellgas Finance Corp. [Member] | |
Income Taxes | Income taxes Income taxes have been computed separately as the Finance Corp. files its own income tax return. Deferred income taxes are provided as a result of temporary differences between financial and tax reporting using the asset/liability method. Deferred income taxes are recognized for the tax consequences of temporary differences between the financial statement carrying amounts and tax basis of existing assets and liabilities. Due to the inability of the Finance Corp. to utilize the deferred tax benefit of $20,701 associated with the net operating loss carryforward of $53,217 , which expires at various dates through July 31, 2035 , a valuation allowance has been provided on the full amount of the deferred tax asset. Accordingly, there is no net deferred tax benefit for fiscal 2015 , 2014 or 2013 , and there is no net deferred tax asset as of July 31, 2015 and 2014 . |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jul. 31, 2015 | |
Subsequent Events | Subsequent events Ferrellgas has evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas’ consolidated financial statements were issued and concluded that there were no events or transactions occurring during this period that required recognition or disclosure in its financial statements. |
Ferrellgas Partners Finance Corp. [Member] | |
Subsequent Events | Subsequent events The Finance Corp. has evaluated events and transactions occurring after the balance sheet date through the date the Finance Corp.’s consolidated financial statements were issued, and concluded that there were no events or transactions occurring during this period that required recognition or disclosure in its financial statements. |
Ferrellgas, L.P. [Member] | |
Subsequent Events | Subsequent events Ferrellgas, L.P. has evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas, L.P.’s consolidated financial statements were issued and concluded that there were no events or transactions occurring during this period that required recognition or disclosure in its financial statements. |
Ferrellgas Finance Corp. [Member] | |
Subsequent Events | Subsequent events The Finance Corp. has evaluated events and transactions occurring after the balance sheet date through the date the Finance Corp.’s consolidated financial statements were issued, and concluded that there were no events or transactions occurring during this period that required recognition or disclosure in its financial statements. |
Schedule I Parent Only Balance
Schedule I Parent Only Balance Sheets, Statements Of Earnings And Cash Flows | 12 Months Ended |
Jul. 31, 2015 | |
Parent Company [Member] | |
Condensed Financial Information of Parent Company Only Disclosure | Schedule 1 FERRELLGAS PARTNERS, L.P. PARENT ONLY BALANCE SHEETS (in thousands, except unit data) July 31, 2015 2014 ASSETS Cash and cash equivalents $ 2,052 $ 6 Prepaid expenses and other current assets 74 — Investment in Ferrellgas, L.P. 386,171 69,205 Other assets, net 1,968 2,439 Total assets $ 390,265 $ 71,650 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Other current liabilities $ 4,511 $ 2,016 Long-term debt 182,000 182,000 Partners' capital (deficit) Common unitholders (100,376,789 and 81,228,237 units outstanding at 2015 and 2014, respectively) 299,730 (57,893 ) General partner (1,013,907 and 820,487 units outstanding at 2015 and 2014, respectively) (57,042 ) (60,654 ) Accumulated other comprehensive income (loss) (38,934 ) 6,181 Total Ferrellgas Partners, L.P. partners' capital (deficit) 203,754 (112,366 ) Total liabilities and partners' capital (deficit) $ 390,265 $ 71,650 FERRELLGAS PARTNERS, L.P. PARENT ONLY STATEMENTS OF EARNINGS (in thousands) For the year ended July 31, 2015 2014 2013 Equity in earnings of Ferrellgas, L.P. $ 45,958 $ 49,403 $ 72,634 Operating expense 104 23 (20 ) Operating income 45,854 49,426 72,614 Interest expense (16,169 ) (16,170 ) (16,171 ) Income tax expense (69 ) (45 ) (17 ) Other income 4 0 0 Net earnings $ 29,620 $ 33,211 $ 56,426 FERRELLGAS PARTNERS, L.P. PARENT ONLY STATEMENTS OF CASH FLOWS (in thousands) For the year ended July 31, 2015 2014 2013 Cash flows from operating activities: Net earnings attributable to Ferrellgas Partners, L.P. $ 29,620 $ 33,211 $ 56,426 Reconciliation of net earnings to net cash used in operating activities: Other 2,922 426 383 Equity in earnings of Ferrellgas, L.P. (45,958 ) (49,403 ) (72,634 ) Net cash used in operating activities (13,416 ) (15,766 ) (15,825 ) Cash flows from investing activities: Business acquisitions, net of cash acquired (562,500 ) — — Distributions received from Ferrellgas, L.P. 601,736 176,623 175,380 Cash contributed to Ferrellgas, L.P. (42,224 ) (51,105 ) (800 ) Net cash provided by (used in) investing activities (2,988 ) 125,518 174,580 Cash flows from financing activities: Distributions paid to common and general partner unitholders (167,105 ) (160,925 ) (159,682 ) Cash paid for financing costs — (94 ) — Issuance of common units (net of issuance costs of $648, $0, and $0 for the years ended July 31, 2015, 2014, and 2013 181,008 50,000 — Proceeds from exercise of common unit options 91 605 864 Cash contribution from general partners in connection with common unit issuances 4,456 511 9 Net cash provided by (used in) financing activities 18,450 (109,903 ) (158,809 ) Increase (decrease) in cash and cash equivalents 2,046 (151 ) (54 ) Cash and cash equivalents - beginning of year 6 157 211 Cash and cash equivalents - end of year $ 2,052 $ 6 $ 157 |
Schedule II Valuation And Quali
Schedule II Valuation And Qualifying Accounts | 12 Months Ended |
Jul. 31, 2015 | |
Schedule II Valuation And Qualifying Accounts | Schedule II FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS (in thousands) Balance at Charged to Balance beginning cost and at end Description of period expenses Other of period Year ended July 31, 2015 Allowance for doubtful accounts $ 4,756 $ 3,419 $ (3,359 ) (1) $ 4,816 Year ended July 31, 2014 Allowance for doubtful accounts $ 3,607 $ 3,419 $ (2,270 ) (1) $ 4,756 Year ended July 31, 2013 Allowance for doubtful accounts $ 3,812 $ 2,066 $ (2,271 ) (1) $ 3,607 (1) Uncollectible accounts written off, net of recoveries. |
Ferrellgas, L.P. [Member] | |
Schedule II Valuation And Qualifying Accounts | Schedule II FERRELLGAS, L.P. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS (in thousands) Balance at Charged to Balance beginning cost and at end Description of period expenses Other of period Year ended July 31, 2015 Allowance for doubtful accounts $ 4,756 $ 3,419 $ (3,359 ) (1) $ 4,816 Year ended July 31, 2014 Allowance for doubtful accounts $ 3,607 $ 3,419 $ (2,270 ) (1) $ 4,756 Year ended July 31, 2013 Allowance for doubtful accounts $ 3,812 $ 2,066 $ (2,271 ) (1) $ 3,607 (1) Uncollectible accounts written off, net of recoveries. |
Summary Of Significant Accoun30
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Jul. 31, 2015 | |
Significant Accounting Policies | |
Accounting estimates | Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. |
Principles of consolidation | Principles of consolidation: The accompanying consolidated financial statements present the consolidated financial position, results of operations and cash flows of Ferrellgas Partners, its wholly-owned subsidiary, Ferrellgas Partners Finance Corp., and the operating partnership, its majority-owned subsidiary, after elimination of all intercompany accounts and transactions. The accounts of Ferrellgas Partners’ majority-owned subsidiary are included based on the determination that the operating partnership is a variable interest entity for whom Ferrellgas Partners has no ability through voting rights or similar rights to make decisions and thus does not have the power to direct the activities of the operating partnership that most significantly impact economic performance. However, Ferrellgas Partners has the obligation to absorb the losses of and the right to receive benefits from the operating partnership that are significant to the operating partnership. Furthermore, assets and liabilities of Ferrellgas Partners consist substantially of the operating partnership. The operating partnership includes the accounts of its wholly-owned subsidiaries. The general partner’s approximate 1% general partner interest in the operating partnership is accounted for as a noncontrolling interest. The wholly-owned consolidated subsidiary of the operating partnership, Ferrellgas Receivables, LLC (“Ferrellgas Receivables”), is a special purpose entity that has agreements with the operating partnership to securitize, on an ongoing basis, a portion of its trade accounts receivable. |
Supplemental cash flow information | Supplemental cash flow information: For purposes of the consolidated statements of cash flows, Ferrellgas considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: For the year ended July 31, 2015 2014 2013 CASH PAID FOR: Interest $ 91,783 $ 90,820 $ 84,030 Income taxes $ 712 $ 816 $ 550 NON-CASH INVESTING AND FINANCING ACTIVITIES: Issuance of common units in connection with acquisitions $ 262,952 $ 1,500 $ — Liabilities incurred in connection with acquisitions $ 481 $ 4,312 $ 2,035 Change in accruals for property, plant and equipment additions $ 498 $ 978 $ 533 |
Fair value measurements | Fair value measurements: Ferrellgas measures certain of its assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants – in either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability. The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. • Level 1: Quoted prices in active markets for identical assets or liabilities. • Level 2: Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. • Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable. |
Accounts receivable securitization | Accounts receivable securitization : Through its wholly-owned and consolidated subsidiary Ferrellgas Receivables, Ferrellgas has agreements to securitize, on an ongoing basis, a portion of its trade accounts receivable. |
Inventories | Inventories : Inventories are stated at the lower of cost or market using weighted average cost and actual cost methods. |
Property, plant and equipment | Property, plant and equipment: Property, plant and equipment are stated at cost less accumulated depreciation. Expenditures for maintenance and routine repairs are expensed as incurred. Ferrellgas capitalizes computer software, equipment replacement and betterment expenditures that upgrade, replace or completely rebuild major mechanical components and extend the original useful life of the equipment. Depreciation is calculated using the straight-line method based on the estimated useful lives of the assets ranging from two to 30 years. Ferrellgas, using its best estimates based on reasonable and supportable assumptions and projections, reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of its assets might not be recoverable. See Note E – Supplemental financial statement information – for further discussion of property, plant and equipment. |
Goodwill | Goodwill: Ferrellgas records goodwill as the excess of the cost of acquisitions over the fair value of the related net assets at the date of acquisition. Goodwill recorded is not deductible for income tax purposes. Ferrellgas has determined that it has five reporting units for goodwill impairment testing purposes. Four of these reporting units contain goodwill that is subject to at least an annual assessment for impairment by applying a fair-value-based test. Under this test, the carrying value of each reporting unit is determined by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units as of the date of the evaluation on a specific identification basis. To the extent a reporting unit’s carrying value exceeds its fair value, an indication exists that the reporting unit’s goodwill may be impaired and the second step of the impairment test must be performed. In the second step, the implied fair value of the goodwill is determined by allocating the fair value of all of its assets (recognized and unrecognized) and liabilities to its carrying amount. Ferrellgas has completed the impairment test for the Retail operations, Products and Midstream operations - water solutions reporting units and believes that estimated fair values exceed the carrying values of its reporting units as of January 31, 2015 . Goodwill associated with the Midstream operations - crude oil logistics reporting unit is a result of the acquisition of Bridger on June 24, 2015 . As a result of the significant drop in the price of crude oil and its impact on the results of Midstream operations - water solutions reporting unit during the second half of fiscal 2015, Ferrellgas considered whether the carrying value of this reporting unit no longer exceeded the fair value. Upon applying the fair-value-based test as described above for purposes of the annual impairment test, Ferrellgas concluded that there was no impairment of the Midstream operations - water solutions reporting unit as of July 31, 2015. As of July 31, 2015, Ferrellgas determined that this reporting unit had an estimated fair value in excess of its respective carrying value of approximately 10%. This test primarily consists of a discounted future cash flow model to estimate fair value. The cash flow model includes the following critical assumptions: (1) the NYMEX West Texas Intermediate (“WTI”) crude oil curve as of July 31, 2015 was used to predict future oil prices; (2) the oil skimming rate is expected to correlate to the NYMEX WTI crude oil curve consistent with Ferrellgas’ past history; (3) a terminal period growth rate equal to the expected rate of inflation; and (4) certain organic growth projects will increase the salt water volumes processed as a result of new drilling activity in the Eagle Ford shale region of Texas that are expected to occur as the price of WTI crude oil increases. Ferrellgas believes that the results of this business are closely tied to the price of WTI crude oil and, therefore, if any of these assumptions are not sustained or are not sustained in a timely manner, the Midstream operations - water solutions reporting unit could incur material impairments. In addition to these critical cash flow assumptions, a discount rate of 11.1% was applied to the projected cash flows. A 5% increase, resulting in a discount rate equal to 11.7%, could cause Ferrellgas to fail step one of the goodwill impairment test. If this reporting unit fails step one in the future, we would be required to perform step two of the goodwill impairment test. If we perform step two, up to $29.3 million of goodwill assigned to this reporting unit could be written off in the period that the impairment is triggered. Judgments and assumptions are inherent in management’s estimates used to determine the fair value of Ferrellgas' reporting units and are consistent with what management believes would be utilized by primary market participants. The use of alternate judgments and assumptions could result in the recognition of different levels of impairment charges in the financial statements. |
Intangible assets | Intangible assets: Intangible assets with finite useful lives, consisting primarily of customer related assets, non-compete agreements, permits, favorable lease arrangements and patented technology, are stated at cost, net of accumulated amortization calculated using the straight-line method over periods ranging from two to 15 years. Trade names and trademarks have indefinite lives, are not amortized, and are stated at cost. Ferrellgas tests finite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying amount of these assets might not be recoverable. Ferrellgas tests indefinite-lived intangible assets for impairment annually on January 31 or more frequently if circumstances dictate. Ferrellgas has not recognized impairment losses as a result of these tests. When necessary, intangible assets’ useful lives are revised and the impact on amortization reflected on a prospective basis. See Note G – Goodwill and intangible assets, net – for further discussion of intangible assets. |
Derivative instruments and hedging activities | Derivative instruments and hedging activities: Commodity and Transportation Fuel Price Risk. Ferrellgas’ overall objective for entering into commodity based derivative contracts, including commodity options and swaps, is to hedge a portion of its exposure to market fluctuations in propane, gasoline, diesel and crude oil prices. Ferrellgas’ risk management activities primarily attempt to mitigate price risks related to the purchase, storage, transport and sale of propane and crude oil generally in the contract and spot markets from major domestic energy companies on a short-term basis. Ferrellgas attempts to mitigate these price risks through the use of financial derivative instruments and forward propane purchase and sales contracts. Additionally, Ferrellgas risk management activities attempt to mitigate price risks related to the purchase of gasoline and diesel fuel for use in the transport of propane from retail fueling stations through the use of financial derivative instruments. Ferrellgas’ risk management strategy involves taking positions in the forward or financial markets that are equal and opposite to Ferrellgas’ positions in the physical products market in order to minimize the risk of financial loss from an adverse price change. This risk management strategy is successful when Ferrellgas’ gains or losses in the physical product markets are offset by its losses or gains in the forward or financial markets. The propane related financial derivatives are designated as cash flow hedges. The gasoline and diesel related financial derivatives are not formally designated and documented as a hedge of exposure to fluctuations in the market price of fuel. Ferrellgas’ risk management activities may include the use of financial derivative instruments including, but not limited to, swaps, options, and futures to seek protection from adverse price movements and to minimize potential losses. Ferrellgas enters into these financial derivative instruments directly with third parties in the over-the-counter market and with brokers who are clearing members with the New York Mercantile Exchange. All of Ferrellgas’ financial derivative instruments are reported on the consolidated balance sheets at fair value. Ferrellgas also enters into forward propane purchase and sales contracts with counterparties. These forward contracts qualify for the normal purchase normal sales exception within GAAP guidance and are therefore not recorded on Ferrellgas’ financial statements until settled. On the date that derivative contracts are entered into, other than those designated as normal purchases or normal sales, Ferrellgas makes a determination as to whether the derivative instrument qualifies for designation as a hedge. These financial instruments are formally designated and documented as a hedge of a specific underlying exposure, as well as the risk management objectives and strategies for undertaking the hedge transaction. Because of the high degree of correlation between the hedging instrument and the underlying exposure being hedged, fluctuations in the value of the derivative instrument are generally offset by changes in the anticipated cash flows of the underlying exposure being hedged. Since the fair value of these derivatives fluctuates over their contractual lives, their fair value amounts should not be viewed in isolation, but rather in relation to the anticipated cash flows of the underlying hedged transaction and the overall reduction in Ferrellgas’ risk relating to adverse fluctuations in propane prices. Ferrellgas formally assesses, both at inception and at least quarterly thereafter, whether the financial instruments that are used in hedging transactions are effective at offsetting changes in the anticipated cash flows of the related underlying exposures. Any ineffective portion of a financial instrument’s change in fair value is recognized in “Cost of product sold - propane and other gas liquids sales” in the consolidated statements of earnings. Financial instruments formally designated and documented as a hedge of a specific underlying exposure are recorded gross at fair value as either “Prepaid expenses and other current assets”, "Other assets, net", “Other current liabilities”, or "Other liabilities" on the consolidated balance sheets with changes in fair value reported in other comprehensive income. Financial instruments not formally designated and documented as a hedge of a specific underlying exposure are recorded at fair value as “Prepaid expenses and other current assets”, "Other assets, net", “Other current liabilities”, or "Other liabilities" on the consolidated balance sheets with changes in fair value reported in "Cost of sales - midstream operations" and "Operating expense" on the consolidated statements of earnings. Interest Rate Risk. Ferrellgas’ overall objective for entering into interest rate derivative contracts, including swaps, is to manage its exposure to interest rate risk associated with its fixed rate senior notes and its floating rate borrowings from both the secured credit facility and the accounts receivable securitization facility. Fluctuations in interest rates subject Ferrellgas to interest rate risk. Decreases in interest rates increase the fair value of Ferrellgas’ fixed rate debt, while increases in interest rates subject Ferrellgas to the risk of increased interest expense related to its variable rate borrowings. Ferrellgas enters into fair value hedges to help reduce its fixed interest rate risk. Interest rate swaps are used to hedge the exposure to changes in the fair value of fixed rate debt due to changes in interest rates. Fixed rate debt that has been designated as being hedged is recorded at fair value while the fair value of interest rate derivatives that are considered fair value hedges are classified as “Prepaid expenses and other current assets”, “Other assets, net”, Other current liabilities” or as “Other liabilities” on the consolidated balance sheets. Changes in the fair value of fixed rate debt and any related fair value hedges are recognized as they occur in “Interest expense” on the consolidated statements of earnings. Ferrellgas enters into cash flow hedges to help reduce its variable interest rate risk. Interest rate swaps are used to hedge the risk associated with rising interest rates and their effect on forecasted interest payments related to variable rate borrowings. These interest rate swaps are designated as cash flow hedges. Thus, the effective portions of changes in the fair value of the hedges are recorded in “Prepaid expenses and other current assets”, “Other assets, net”, “Other current liabilities” or as “Other liabilities” with an offsetting entry to “Other comprehensive income” at interim periods and are subsequently recognized as interest expense in the consolidated statement of earnings when the forecasted transaction impacts earnings. Changes in the fair value of any cash flow hedges that are considered ineffective are recognized as interest expense on the consolidated statement of earnings as they occur. |
Revenue recognition | Revenue recognition: Revenues from Ferrellgas' propane and related equipment sales segment are recognized at the time product is delivered with payments generally due 30 days after receipt. Amounts are considered past due after 30 days. Ferrellgas determines accounts receivable allowances based on management’s assessment of the creditworthiness of the customers and other collection actions. Ferrellgas offers “even pay” billing programs that can create customer deposits or advances. Revenue is recognized from these customer deposits or advances to customers at the time product is delivered. Other revenues, which include revenue from the sale of propane appliances and equipment is recognized at the time of delivery or installation. Ferrellgas recognizes shipping and handling revenues and expenses for sales of propane, appliances and equipment at the time of delivery or installation. Shipping and handling revenues are included in the price of propane charged to customers, and are classified as revenue. Revenues from annually billed, non-refundable propane tank rentals are recognized in “Revenues: other” on a straight-line basis over one year . Revenues from Ferrellgas' midstream operations - crude oil logistics segment include crude oil sales, pipeline tariffs, trucking fees, rail throughput fees, pipeline management services, leasing, throughput, and storage; all items deemed as being associated with the transportation of crude oil. These revenues are recognized upon completion of the related service or delivery of product. Revenues from Ferrellgas' midstream operations - water solutions segment are recognized when there is persuasive evidence that an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable and collectability is reasonably assured. Salt water disposal revenues are based on Ferrellgas’ published or negotiated water disposal rates. Customers deliver salt water to be disposed to facilities and revenue is recognized when actual volumes of water are off-loaded at the facilities. Skimming oil disposal revenues are determined based on published rates subject to adjustments based on the quality of the oil sold and are recognized when actual volumes are delivered to the customer who determines the quality of the oil and collectability is reasonably assured. Amounts are considered past due after 30 days. Ferrellgas determines accounts receivable allowances based on management’s assessment of the creditworthiness of the customers and other collection actions. |
Shipping and handling expenses | Shipping and handling expenses: Shipping and handling expenses related to delivery personnel, vehicle repair and maintenance and general liability expenses are classified within “Operating expense” in the consolidated statements of earnings. Depreciation expenses on delivery vehicles Ferrellgas owns are classified within “Depreciation and amortization expense.” Delivery vehicles and distribution technology leased by Ferrellgas are classified within “Equipment lease expense.” See Note E – Supplemental financial statement information – for the financial statement presentation of shipping and handling expenses. |
Cost of product sold | Cost of sales: “Cost of sales – propane and other gas liquids sales” includes all costs to acquire propane and other gas liquids, the costs of storing and transporting inventory prior to delivery to Ferrellgas’ customers, the results from risk management activities to hedge related price risk and the costs of materials related to the refurbishment of Ferrellgas’ portable propane tanks. "Cost of sales - midstream operations" includes all costs incurred to purchase and transport crude oil, including the costs of terminaling and transporting crude oil prior to delivery to customers and transportation cost related to the processing and disposal of salt water. “Cost of sales – other” primarily includes costs related to the sale of propane appliances and equipment. |
Operating expenses | Operating expenses: “Operating expense” primarily includes the personnel, vehicle, delivery, handling, plant, office, selling, marketing, credit and collections and other expenses related to the retail distribution of propane and related equipment and supplies. Within midstream operations, "Operating expense" includes plant, office, selling, marketing, credit and collections and other expense. |
General and administrative expenses | General and administrative expenses: “General and administrative expense” primarily includes personnel and incentive expense related to executives, and employees and other overhead expense related to centralized corporate functions. |
Stock-based and unit option plans | Stock-based plans: Ferrell Companies, Inc. Incentive Compensation Plans (“ICPs”) The ICPs are not Ferrellgas stock-compensation plans; however, in accordance with Ferrellgas’ partnership agreements, all Ferrellgas employee-related costs incurred by Ferrell Companies are allocated to Ferrellgas. As a result, Ferrellgas incurs a non-cash compensation charge from Ferrell Companies. During the years ended July 31, 2015 , 2014 and 2013 , the portion of the total non-cash compensation charge relating to the ICPs was $ 25.6 million, $ 24.5 million and $ 13.5 million, respectively. Ferrell Companies is authorized to issue up to 9.25 million stock appreciation rights (“SARs”) that are based on shares of Ferrell Companies common stock. The SARs were established by Ferrell Companies to allow upper-middle and senior level managers as well as directors of the general partner to participate in the equity growth of Ferrell Companies. The SARs awards vest ratably over periods ranging from zero to 12 years or 100% upon a change of control of Ferrell Companies, or upon the death, disability or retirement at the age of 65 of the participant. All awards expire 10 or 15 years from the date of issuance. The fair value of each award is estimated on each balance sheet date using a binomial valuation model. Effective July 31, 2015, Ferrell Companies is authorized to issue deferred appreciation right ("DARs") awards that are based on shares of Ferrell Companies common stock. The DAR awards were established by Ferrell Companies to allow upper-middle and senior level managers as well as directors of the general partner to participate in the equity growth of Ferrell Companies. The DAR awards vest ratably over periods ranging from zero to 12 years or 100% upon a change of control of Ferrell Companies, or upon the death, disability or retirement at the age of 65 of the participant. All awards expire 10 or 15 years from the date of issuance. The fair value of each award is estimated on each balance sheet date using a binomial valuation model. |
Income taxes | Income taxes: Ferrellgas Partners is a publicly-traded master limited partnership with one subsidiary that is a taxable corporation. The operating partnership is a limited partnership with three subsidiaries that are taxable corporations. Partnerships are generally not subject to federal income tax, although publicly-traded partnerships are treated as corporations for federal income tax purposes and therefore subject to Federal income tax unless a qualifying income test is satisfied. If this qualifying income test is satisfied, the publicly-traded partnership will be treated as a partnership for Federal income tax purposes. Based on Ferrellgas’ calculations, Ferrellgas Partners satisfies the qualifying income test. As a result, except for the taxable corporations, Ferrellgas Partners’ earnings or losses for Federal income tax purposes are included in the tax returns of the individual partners, Ferrellgas Partners’ unitholders. Accordingly, the accompanying consolidated financial statements of Ferrellgas Partners reflect federal income taxes related to the above mentioned taxable corporations and certain states that allow for income taxation of partnerships. Net earnings for financial statement purposes may differ significantly from taxable income reportable to Ferrellgas Partners unitholders as a result of differences between the tax basis and financial reporting basis of assets and liabilities, the taxable income allocation requirements under Ferrellgas Partners’ partnership agreement and differences between Ferrellgas Partners financial reporting year end and its calendar tax year end. Income tax expense consisted of the following: For the year ended July 31, 2015 2014 2013 Current expense (benefit) $ (585 ) $ 2,428 $ 1,722 Deferred expense 270 88 133 Income tax expense (benefit) $ (315 ) $ 2,516 $ 1,855 Deferred taxes consisted of the following: July 31, 2015 2014 Deferred tax assets $ 724 $ 1,152 Deferred tax liabilities (4,157 ) (4,313 ) Net deferred tax liability $ (3,433 ) $ (3,161 ) |
Sales taxes | Sales taxes: Ferrellgas accounts for the collection and remittance of sales tax on a net tax basis. As a result, these amounts are not reflected in the consolidated statements of earnings. |
Net earnings (loss) per common unitholders' interest | Net earnings per common unitholders’ interest: Net earnings per common unitholders’ interest is computed by dividing “Net earnings attributable to Ferrellgas Partners, L.P.,” after deducting the general partner's 1% interest, by the weighted average number of outstanding common units and the dilutive effect, if any, of outstanding unit options. See Note O – Net earnings per common unitholders’ interest – for further discussion about these calculations. |
Loss Contingencies | Loss contingencies: In the normal course of business, Ferrellgas is involved in various claims and legal proceedings. Ferrellgas records a liability for such matters when it is probable that a loss has been incurred and the amounts can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. Legal costs associated with these loss contingencies are expensed as incurred. |
New accounting standards | New accounting standards: Financial Accounting Standards Board ("FASB") Accounting Standard Update ("ASU") No. 2011-08 In September 2011, the FASB issued ASU 2011-08, which amends the existing guidance on goodwill impairment testing. Under the new guidance, entities testing goodwill for impairment have the option of performing a qualitative assessment before calculating the fair value of the reporting unit. If an entity determines, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not less than the carrying amount, the two-step impairment test would be required. This guidance is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Ferrellgas' adoption of this guidance in fiscal 2013 did not have a significant impact on its financial position, results of operations or cash flows. FASB Accounting Standard Update No. 2012-02 In July 2012, the FASB issued ASU 2012-02, which amends the existing guidance on impairment testing of indefinite-lived intangible assets. Under the new guidance, entities testing indefinite-lived intangible assets for impairment have the option of performing a qualitative assessment before calculating the fair value of the asset. If an entity determines, on the basis of qualitative factors, that the fair value of the asset is more likely than not less than the carrying amount, the two-step impairment test would be required. This guidance is effective for annual and interim indefinite-lived intangible asset impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. Ferrellgas' adoption of this guidance in fiscal 2013 did not have a significant impact on its financial position, results of operations or cash flows. FASB Accounting Standard Update No. 2014-09 In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board (IASB) to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and IFRS and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Early application is not permitted. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas is currently evaluating the newly issued guidance, including which transition approach will be applied and the estimated impact it will have on the consolidated financial statements. FASB Accounting Standard Update No. 2014-08 In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , to change the criteria for determining which disposals can be presented as discontinued operations and enhanced the related disclosure requirements. ASU 2014-08 is effective for us on a prospective basis in Ferrellgas' first quarter of fiscal 2016 with early adoption permitted for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued. Ferrellgas does not expect the adoption of ASU 2014-08 to have a material impact on the consolidated financial statements. FASB Accounting Standard Update No. 2015-02 In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis , which provides additional guidance on the consolidation of limited partnerships and on the evaluation of variable interest entities. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. Ferrellgas is currently evaluating the impact of our pending adoption of ASU 2015-02 on the consolidated financial statements . FASB Accounting Standard Update No. 2015-03 In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying value of the debt liability. ASU 2015-03 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted, and retrospective application required. Ferrellgas is currently evaluating the impact of our pending adoption of ASU 2015-03 on the consolidated financial statements . |
Ferrellgas, L.P. [Member] | |
Significant Accounting Policies | |
Accounting estimates | Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. |
Principles of consolidation | Principles of consolidation: The accompanying consolidated financial statements present the consolidated financial position, results of operations and cash flows of Ferrellgas, L.P. and its subsidiaries after elimination of all intercompany accounts and transactions. Ferrellgas, L.P. consolidates the following wholly-owned entities: Bridger Logistics, LLC, Sable Environmental, LLC, Sable SWD 2, LLC, Blue Rhino Global Sourcing, Inc., Blue Rhino Canada, Inc., Ferrellgas Real Estate, Inc., Ferrellgas Finance Corp. and Ferrellgas Receivables, LLC (“Ferrellgas Receivables”), a special purpose entity that has agreements with Ferrellgas, L.P. to securitize, on an ongoing basis, a portion of its trade accounts receivable. |
Supplemental cash flow information | Supplemental cash flow information: For purposes of the consolidated statements of cash flows, Ferrellgas, L.P. considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: For the year ended July 31, 2015 2014 2013 CASH PAID FOR: Interest $ 76,085 $ 75,121 $ 68,334 Income taxes $ 643 $ 771 $ 534 NON-CASH INVESTING AND FINANCING ACTIVITIES: Assets contributed from Ferrellgas Partners in connection with acquisitions $ 825,452 $ 1,500 $ — Liabilities incurred in connection with acquisitions $ 481 $ 4,312 $ 2,035 Change in accruals for property, plant and equipment additions $ 498 $ 978 $ 533 |
Fair value measurements | Fair value measurements: Ferrellgas, L.P. measures certain of its assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants – in either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability. The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. • Level 1: Quoted prices in active markets for identical assets or liabilities. • Level 2: Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. • Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable. |
Accounts receivable securitization | Accounts receivable securitization: Through its wholly-owned and consolidated subsidiary Ferrellgas Receivables, Ferrellgas, L.P. has agreements to securitize, on an ongoing basis, a portion of its trade accounts receivable. |
Inventories | Inventories: Inventories are stated at the lower of cost or market using weighted average cost and actual cost methods. |
Property, plant and equipment | Property, plant and equipment: Property, plant and equipment are stated at cost less accumulated depreciation. Expenditures for maintenance and routine repairs are expensed as incurred. Ferrellgas, L.P. capitalizes computer software, equipment replacement and betterment expenditures that upgrade, replace or completely rebuild major mechanical components and extend the original useful life of the equipment. Depreciation is calculated using the straight-line method based on the estimated useful lives of the assets ranging from two to 30 years. Ferrellgas, L.P., using its best estimates based on reasonable and supportable assumptions and projections, reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of its assets might not be recoverable. See Note E – Supplemental financial statement information – for further discussion of property, plant and equipment. |
Goodwill | Goodwill: Ferrellgas, L.P. records goodwill as the excess of the cost of acquisitions over the fair value of the related net assets at the date of acquisition. Goodwill recorded is not deductible for income tax purposes. Ferrellgas, L.P. has determined that it has five reporting units for goodwill impairment testing purposes. Four of these reporting units contain goodwill that is subject to at least an annual assessment for impairment by applying a fair-value-based test. Under this test, the carrying value of each reporting unit is determined by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units as of the date of the evaluation on a specific identification basis. To the extent a reporting unit’s carrying value exceeds its fair value, an indication exists that the reporting unit’s goodwill may be impaired and the second step of the impairment test must be performed. In the second step, the implied fair value of the goodwill is determined by allocating the fair value of all of its assets (recognized and unrecognized) and liabilities to its carrying amount. Ferrellgas, L.P. has completed the impairment test for the Retail operations, Products and Midstream operations - water solutions reporting units and believes that estimated fair values exceed the carrying values of its reporting units as of January 31, 2015 . Goodwill associated with the Midstream operations - crude oil logistics reporting unit is a result of the acquisition of Bridger on June 24, 2015. As a result of the significant drop in the price of crude oil and its impact on the results of Midstream operations - water solutions reporting unit during the second half of fiscal 2015, Ferrellgas, L.P. considered whether the carrying value of this reporting unit no longer exceeded the fair value. Upon applying the fair-value-based test as described above for purposes of the annual impairment test, Ferrellgas, L.P. concluded that there was no impairment of the Midstream operations - water solutions reporting unit as of July 31, 2015. As of July 31, 2015, Ferrellgas, L.P. determined that this reporting unit had an estimated fair value in excess of its respective carrying value of approximately 10%. This test primarily consists of a discounted future cash flow model to estimate fair value. The cash flow model includes the following critical assumptions: (1) the NYMEX West Texas Intermediate (“WTI”) crude oil curve as of July 31, 2015 was used to predict future oil prices; (2) the oil skimming rate is expected to correlate to the NYMEX WTI crude oil curve consistent with Ferrellgas, L.P.’s past history; (3) a terminal period growth rate equal to the expected rate of inflation; and (4) certain organic growth projects will increase the salt water volumes processed as a result of new drilling activity in the Eagle Ford shale region of Texas that are expected to occur as the price of WTI crude oil increases. Ferrellgas, L.P. believes that the results of this business are closely tied to the price of WTI crude oil and, therefore, if any of these assumptions are not sustained or are not sustained in a timely manner, the Midstream operations - water solutions reporting unit could incur material impairments. In addition to these critical cash flow assumptions, a discount rate of 11.1% was applied to the projected cash flows. A 5% increase, resulting in a discount rate equal to 11.7%, could cause Ferrellgas, L.P. to fail step one of the goodwill impairment test. If this reporting unit fails step one in the future, we would be required to perform step two of the goodwill impairment test. If we perform step two, up to $29.3 million of goodwill assigned to this reporting unit could be written off in the period that the impairment is triggered. Judgments and assumptions are inherent in management’s estimates used to determine the fair value of Ferrellgas, L.P.'s reporting units and are consistent with what management believes would be utilized by primary market participants. The use of alternate judgments and assumptions could result in the recognition of different levels of impairment charges in the financial statements. |
Intangible assets | Intangible assets: Intangible assets with finite useful lives, consisting primarily of customer related assets, non-compete agreements, permits, favorable lease arrangements and patented technology, are stated at cost, net of accumulated amortization calculated using the straight-line method over periods ranging from two to 15 years. Trade names and trademarks have indefinite lives, are not amortized, and are stated at cost. Ferrellgas, L.P. tests finite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying amount of these assets might not be recoverable. Ferrellgas, L.P. tests indefinite-lived intangible assets for impairment annually on January 31 or more frequently if circumstances dictate. Ferrellgas, L.P. has not recognized impairment losses as a result of these tests. When necessary, intangible assets’ useful lives are revised and the impact on amortization reflected on a prospective basis. See Note G – Goodwill and intangible assets, net – for further discussion of intangible assets. |
Derivative instruments and hedging activities | Derivative instruments and hedging activities: Commodity and Transportation Fuel Price Risk. Ferrellgas, L.P.’s overall objective for entering into commodity based derivative contracts, including commodity options and swaps, is to hedge a portion of its exposure to market fluctuations in propane, gasoline, diesel and crude oil prices. Ferrellgas, L.P's risk management activities primarily attempt to mitigate price risks related to the purchase, storage, transport and sale of propane and crude oil generally in the contract and spot markets from major domestic energy companies on a short-term basis. Ferrellgas, L.P attempts to mitigate these price risks through the use of financial derivative instruments and forward propane purchase and sales contracts. Additionally, Ferrellgas, L.P.'s risk management activities attempt to mitigate price risks related to the purchase of gasoline and diesel fuel for use in the transport of propane from retail fueling stations through the use of financial derivative instruments. Ferrellgas, L.P.’s risk management strategy involves taking positions in the forward or financial markets that are equal and opposite to Ferrellgas, L.P.’s positions in the physical products market in order to minimize the risk of financial loss from an adverse price change. This risk management strategy is successful when Ferrellgas, L.P.’s gains or losses in the physical product markets are offset by its losses or gains in the forward or financial markets. These financial derivatives are designated as cash flow hedges. The gasoline and diesel related financial derivatives are not formally designated and documented as a hedge of exposure to fluctuations in the market price of fuel. Ferrellgas, L.P.’s risk management activities may include the use of financial derivative instruments including, but not limited to, swaps, options, and futures to seek protection from adverse price movements and to minimize potential losses. Ferrellgas, L.P. enters into these financial derivative instruments directly with third parties in the over-the-counter market and with brokers who are clearing members with the New York Mercantile Exchange. All of Ferrellgas, L.P.’s financial derivative instruments are reported on the consolidated balance sheets at fair value. Ferrellgas, L.P. also enters into forward propane purchase and sales contracts with counterparties. These forward contracts qualify for the normal purchase normal sales exception within GAAP guidance and are therefore not recorded on Ferrellgas, L.P.’s financial statements until settled. On the date that derivative contracts are entered into, other than those designated as normal purchases or normal sales, Ferrellgas, L.P. makes a determination as to whether the derivative instrument qualifies for designation as a hedge. These financial instruments are formally designated and documented as a hedge of a specific underlying exposure, as well as the risk management objectives and strategies for undertaking the hedge transaction. Because of the high degree of correlation between the hedging instrument and the underlying exposure being hedged, fluctuations in the value of the derivative instrument are generally offset by changes in the anticipated cash flows of the underlying exposure being hedged. Since the fair value of these derivatives fluctuates over their contractual lives, their fair value amounts should not be viewed in isolation, but rather in relation to the anticipated cash flows of the underlying hedged transaction and the overall reduction in Ferrellgas, L.P.’s risk relating to adverse fluctuations in propane prices. Ferrellgas, L.P. formally assesses, both at inception and at least quarterly thereafter, whether the financial instruments that are used in hedging transactions are effective at offsetting changes in the anticipated cash flows of the related underlying exposures. Any ineffective portion of a financial instrument’s change in fair value is recognized in “Cost of product sold - propane and other gas liquids sales” in the consolidated statements of earnings. Financial instruments formally designated and documented as a hedge of a specific underlying exposure are recorded gross at fair value as either “Prepaid expenses and other current assets”, "Other assets, net", “Other current liabilities” or "Other liabilities" on the consolidated balance sheets with changes in fair value reported in other comprehensive income. Financial instruments not formally designated and documented as a hedge of a specific underlying exposure are recorded at fair value as “Prepaid expenses and other current assets”, "Other assets, net", “Other current liabilities”, or "Other liabilities" on the consolidated balance sheets with changes in fair value reported in "Cost of sales - midstream operations" and "Operating expense" on the consolidated statements of earnings. Interest Rate Risk. Ferrellgas, L.P.’s overall objective for entering into interest rate derivative contracts, including swaps, is to manage its exposure to interest rate risk associated with its fixed rate senior notes and its floating rate borrowings from both the secured credit facility and the accounts receivable securitization facility. Fluctuations in interest rates subject Ferrellgas, L.P. to interest rate risk. Decreases in interest rates increase the fair value of Ferrellgas, L.P.’s fixed rate debt, while increases in interest rates subject Ferrellgas, L.P. to the risk of increased interest expense related to its variable rate borrowings. Ferrellgas, L.P. enters into fair value hedges to help reduce its fixed interest rate risk. Interest rate swaps are used to hedge the exposure to changes in the fair value of fixed rate debt due to changes in interest rates. Fixed rate debt that has been designated as being hedged is recorded at fair value while the fair value of interest rate derivatives that are considered fair value hedges are classified as “Prepaid expenses and other current assets”, “Other assets, net”, “Other current liabilities” or as “Other liabilities” on the consolidated balance sheets. Changes in the fair value of fixed rate debt and any related fair value hedges are recognized as they occur in “Interest expense” on the consolidated statements of earnings. Ferrellgas, L.P. enters into cash flow hedges to help reduce its variable interest rate risk. Interest rate swaps are used to hedge the risk associated with rising interest rates and their effect on forecasted interest payments related to variable rate borrowings. These interest rate swaps are designated as cash flow hedges. Thus, the effective portions of changes in the fair value of the hedges are recorded in “Prepaid expenses and other current assets”, “Other assets, net”, “Other current liabilities” or as “Other liabilities” with an offsetting entry to “Other comprehensive income” at interim periods and are subsequently recognized as interest expense in the consolidated statement of earnings when the forecasted transaction impacts earnings. Changes in the fair value of any cash flow hedges that are considered ineffective are recognized as interest expense on the consolidated statement of earnings as they occur. |
Revenue recognition | Revenue recognition: Revenues from Ferrellgas, L.P.'s propane and related equipment sales segment are recognized at the time product is delivered with payments generally due 30 days after receipt. Amounts are considered past due after 30 days. Ferrellgas, L.P. determines accounts receivable allowances based on management’s assessment of the creditworthiness of the customers and other collection actions. Ferrellgas, L.P. offers “even pay” billing programs that can create customer deposits or advances. Revenue is recognized from these customer deposits or advances to customers at the time product is delivered. Other revenues, which include revenue from the sale of propane appliances and equipment is recognized at the time of delivery or installation. Ferrellgas, L.P. recognizes shipping and handling revenues and expenses for sales of propane, appliances and equipment at the time of delivery or installation. Shipping and handling revenues are included in the price of propane charged to customers, and are classified as revenue. Revenues from annually billed, non-refundable propane tank rentals are recognized in “Revenues: other” on a straight-line basis over one year . Revenues from Ferrellgas, L.P.'s midstream operations - crude oil logistics segment include crude oil sales, pipeline tariffs, trucking fees, rail throughput fees, pipeline management services, leasing, throughput, and storage; all items deemed as being associated with the transportation of crude oil. These revenues are recognized upon completion of the related service or delivery of product. Revenues from Ferrellgas, L.P.'s midstream operations - water solutions segment are recognized when there is persuasive evidence that an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable and collectability is reasonably assured. Salt water disposal revenues are based on Ferrellgas, L.P.'s published or negotiated water disposal rates. Customers deliver salt water to be disposed to facilities and revenue is recognized when actual volumes of water are off-loaded at the facilities. Skimming oil disposal revenues are determined based on published rates subject to adjustments based on the quality of the oil sold and are recognized when actual volumes are delivered to the customer who determines the quality of the oil and collectability is reasonably assured. Amounts are considered past due after 30 days. Ferrellgas, L.P. determines accounts receivable allowances based on management’s assessment of the creditworthiness of the customers and other collection actions. |
Shipping and handling expenses | Shipping and handling expenses: Shipping and handling expenses related to delivery personnel, vehicle repair and maintenance and general liability expenses are classified within “Operating expense” in the consolidated statements of earnings. Depreciation expenses on delivery vehicles Ferrellgas, L.P. owns are classified within “Depreciation and amortization expense.” Delivery vehicles and distribution technology leased by Ferrellgas, L.P. are classified within “Equipment lease expense.” See Note E – Supplemental financial statement information – for the financial statement presentation of shipping and handling expenses. |
Cost of product sold | Cost of sales: “Cost of sales – propane and other gas liquids sales” includes all costs to acquire propane and other gas liquids, the costs of storing and transporting inventory prior to delivery to Ferrellgas, L.P.’s customers, the results from risk management activities to hedge related price risk and the costs of materials related to the refurbishment of Ferrellgas, L.P.’s portable propane tanks. "Cost of sales - midstream operations" includes all costs incurred to purchase and transport crude oil, including the costs of terminaling and transporting crude oil prior to delivery to customers and transportation cost related to the processing and disposal of salt water. “Cost of sales – other” primarily includes costs related to the sale of propane appliances and equipment. |
Operating expenses | Operating expenses: “Operating expense” primarily includes the personnel, vehicle, delivery, handling, plant, office, selling, marketing, credit and collections and other expenses related to the retail distribution of propane and related equipment and supplies. Within midstream operations, "Operating expense" includes plant, office, selling, marketing, credit and collections and other expense. |
General and administrative expenses | General and administrative expenses: “ General and administrative expense” primarily includes personnel and incentive expense related to executives, and employees and other overhead expense related to centralized corporate functions. |
Stock-based and unit option plans | Stock-based plans: Ferrell Companies, Inc. Incentive Compensation Plans (“ICPs”) The ICPs are not Ferrellgas, L.P. stock-compensation plans; however, in accordance with Ferrellgas, L.P.’s partnership agreements, all Ferrellgas, L.P. employee-related costs incurred by Ferrell Companies are allocated to Ferrellgas, L.P. As a result, Ferrellgas, L.P. incurs a non-cash compensation charge from Ferrell Companies. During the years ended July 31, 2015 , 2014 and 2013 , the portion of the total non-cash compensation charge relating to the ICPs was $25.6 million, $24.5 million and $13.5 million, respectively. Ferrell Companies is authorized to issue up to 9.25 million stock appreciation rights (“SARs”) that are based on shares of Ferrell Companies common stock. The SARs were established by Ferrell Companies to allow upper-middle and senior level managers as well as directors of the general partner to participate in the equity growth of Ferrell Companies. The SARs awards vest ratably over periods ranging from zero to 12 years or 100% upon a change of control of Ferrell Companies, or upon the death, disability or retirement at the age of 65 of the participant. All awards expire 10 or 15 years from the date of issuance. The fair value of each award is estimated on each balance sheet date using a binomial valuation model. Effective July 31, 2015, Ferrell Companies is authorized to issue deferred appreciation right ("DARs") awards that are based on shares of Ferrell Companies common stock. The DAR awards were established by Ferrell Companies to allow upper-middle and senior level managers as well as directors of the general partner to participate in the equity growth of Ferrell Companies. The DAR awards vest ratably over periods ranging from zero to 12 years or 100% upon a change of control of Ferrell Companies, or upon the death, disability or retirement at the age of 65 of the participant. All awards expire 10 or 15 years from the date of issuance. The fair value of each award is estimated on each balance sheet date using a binomial valuation model. |
Income taxes | Income taxes: Ferrellgas, L.P. is a limited partnership and owns three subsidiaries that are taxable corporations. As a result, except for the taxable corporations, Ferrellgas, L.P.’s earnings or losses for federal income tax purposes are included in the tax returns of the individual partners. Accordingly, the accompanying consolidated financial statements of Ferrellgas, L.P. reflect federal income taxes related to the above mentioned taxable corporations and certain states that allow for income taxation of partnerships. Net earnings for financial statement purposes may differ significantly from taxable income reportable to partners as a result of differences between the tax basis and financial reporting basis of assets and liabilities, the taxable income allocation requirements under Ferrellgas, L.P.’s partnership agreement and differences between Ferrellgas, L.P.’s financial reporting year end and limited partners tax year end. Income tax expense consisted of the following: For the year ended July 31, 2015 2014 2013 Current expense (benefit) $ (654 ) $ 2,383 $ 1,705 Deferred expense 270 88 133 Income tax expense $ (384 ) $ 2,471 $ 1,838 Deferred taxes consisted of the following: July 31, 2015 2014 Deferred tax assets $ 724 $ 1,152 Deferred tax liabilities (4,157 ) (4,313 ) Net deferred tax liability $ (3,433 ) $ (3,161 ) |
Sales taxes | Sales taxes: Ferrellgas, L.P. accounts for the collection and remittance of sales tax on a net tax basis. As a result, these amounts are not reflected in the consolidated statements of earnings. |
Loss Contingencies | Loss contingencies: In the normal course of business, Ferrellgas, L.P. is involved in various claims and legal proceedings. Ferrellgas, L.P. records a liability for such matters when it is probable that a loss has been incurred and the amounts can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. Legal costs associated with these loss contingencies are expensed as incurred. |
New accounting standards | New accounting standards: Financial Accounting Standards Board ("FASB") Accounting Standard Update ("ASU") No. 2011-08 In September 2011, the FASB issued ASU 2011-08, which amends the existing guidance on goodwill impairment testing. Under the new guidance, entities testing goodwill for impairment have the option of performing a qualitative assessment before calculating the fair value of the reporting unit. If an entity determines, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not less than the carrying amount, the two-step impairment test would be required. This guidance is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Ferrellgas, L.P.'s adoption of this guidance in fiscal 2013 did not have a significant impact on its financial position, results of operations or cash flows. FASB Accounting Standard Update No. 2012-02 In July 2012, the FASB issued ASU 2012-02, which amends the existing guidance on impairment testing of indefinite-lived intangible assets. Under the new guidance, entities testing indefinite-lived intangible assets for impairment have the option of performing a qualitative assessment before calculating the fair value of the asset. If an entity determines, on the basis of qualitative factors, that the fair value of the asset is more likely than not less than the carrying amount, the two-step impairment test would be required. This guidance is effective for annual and interim indefinite-lived intangible asset impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. Ferrellgas, L.P.'s adoption of this guidance in fiscal 2013 did not have a significant impact on its financial position, results of operations or cash flows. FASB Accounting Standard Update No. 2014-09 In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board (IASB) to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and IFRS and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas, L.P. for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Early application is not permitted. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas, L.P. is currently evaluating the newly issued guidance, including which transition approach will be applied and the estimated impact it will have on the consolidated financial statements. FASB Accounting Standard Update No. 2014-08 In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , to change the criteria for determining which disposals can be presented as discontinued operations and enhanced the related disclosure requirements. ASU 2014-08 is effective for us on a prospective basis in Ferrellgas, L.P.'s first quarter of fiscal 2016 with early adoption permitted for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued. Ferrellgas, L.P. does not expect the adoption of ASU 2014-08 to have a material impact on the consolidated financial statements. FASB Accounting Standard Update No. 2015-02 In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis which provides additional guidance on the consolidation of limited partnerships and on the evaluation of variable interest entities. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. Ferrellgas, L.P. is currently evaluating the impact of our pending adoption of ASU 2015-02 on the consolidated financial statements . FASB Accounting Standard Update No. 2015-03 In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying value of the debt liability. ASU 2015-03 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted, and retrospective application required. Ferrellgas, L.P. is currently evaluating the impact of our pending adoption of ASU 2015-03 on the consolidated financial statements . |
Summary Of Significant Accoun31
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Significant Cash And Non-Cash Activities | Certain cash flow and significant non-cash activities are presented below: For the year ended July 31, 2015 2014 2013 CASH PAID FOR: Interest $ 91,783 $ 90,820 $ 84,030 Income taxes $ 712 $ 816 $ 550 NON-CASH INVESTING AND FINANCING ACTIVITIES: Issuance of common units in connection with acquisitions $ 262,952 $ 1,500 $ — Liabilities incurred in connection with acquisitions $ 481 $ 4,312 $ 2,035 Change in accruals for property, plant and equipment additions $ 498 $ 978 $ 533 |
Summary Of Income Tax Expense | Income tax expense consisted of the following: For the year ended July 31, 2015 2014 2013 Current expense (benefit) $ (585 ) $ 2,428 $ 1,722 Deferred expense 270 88 133 Income tax expense (benefit) $ (315 ) $ 2,516 $ 1,855 |
Deferred Tax Assets And Liabilities | Deferred taxes consisted of the following: July 31, 2015 2014 Deferred tax assets $ 724 $ 1,152 Deferred tax liabilities (4,157 ) (4,313 ) Net deferred tax liability $ (3,433 ) $ (3,161 ) |
Ferrellgas, L.P. [Member] | |
Significant Cash And Non-Cash Activities | Certain cash flow and significant non-cash activities are presented below: For the year ended July 31, 2015 2014 2013 CASH PAID FOR: Interest $ 76,085 $ 75,121 $ 68,334 Income taxes $ 643 $ 771 $ 534 NON-CASH INVESTING AND FINANCING ACTIVITIES: Assets contributed from Ferrellgas Partners in connection with acquisitions $ 825,452 $ 1,500 $ — Liabilities incurred in connection with acquisitions $ 481 $ 4,312 $ 2,035 Change in accruals for property, plant and equipment additions $ 498 $ 978 $ 533 |
Summary Of Income Tax Expense | Income tax expense consisted of the following: For the year ended July 31, 2015 2014 2013 Current expense (benefit) $ (654 ) $ 2,383 $ 1,705 Deferred expense 270 88 133 Income tax expense $ (384 ) $ 2,471 $ 1,838 |
Deferred Tax Assets And Liabilities | Deferred taxes consisted of the following: July 31, 2015 2014 Deferred tax assets $ 724 $ 1,152 Deferred tax liabilities (4,157 ) (4,313 ) Net deferred tax liability $ (3,433 ) $ (3,161 ) |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Business Acquired, Income Statement Impact | The following amounts from this acquisition were included in the operating results for the year ending July 31, 2015: For the year ended July 31, 2015 Revenue $ 81,512 Operating income 3,848 |
Business Acquisition, Pro Forma Information | These unaudited pro forma results are for comparative purposes only and may not be indicative of the results that would have occurred had this acquisition been completed on August 1, 2013 or the results that would be attained in the future. For the year ended July 31, 2015 2014 Revenue $ 2,319,927 2,583,680 Net earnings (loss) (11,834 ) 4,388 Net earnings (loss) per common unitholders' interest $ (0.14 ) $ 0.05 |
Ferrellgas, L.P. [Member] | |
Business Acquired, Income Statement Impact | The following amounts from this acquisition were included in the operating results for the year ending July 31, 2015: For the year ended July 31, 2015 Revenue $ 81,512 Operating income 3,848 |
Business Acquisition, Pro Forma Information | These unaudited pro forma results are for comparative purposes only and may not be indicative of the results that would have occurred had this acquisition been completed on August 1, 2013 or the results that would be attained in the future. For the year ended July 31, 2015 2014 Revenue $ 2,319,927 2,583,680 Net earnings 4,504 20,580 |
Propane and related equipment sales [Member] | |
Schedule Of Funding Of Acquisitions | These acquisitions, were funded as follows on their dates of acquisition: For the year ended July 31, 2015 2014 2013 Cash payments, net of cash acquired $ 4,250 $ 34,219 $ 37,186 Issuance of liabilities and other costs and considerations 481 2,942 2,035 Common units, net of issuance costs 3,000 1,500 — Aggregate fair value of transactions $ 7,731 $ 38,661 $ 39,221 |
Aggregate Fair Value Of Transaction | The aggregate fair values, for the acquisitions in propane and related equipment sales reporting segment, were allocated as follows, including any adjustments identified during the measurement period: For the year ended July 31, 2015 2014 2013 Working capital $ 233 $ (919 ) $ 7,302 Customer tanks, buildings, land and other 236 14,519 5,155 Goodwill — 2,922 4,640 Customer lists 6,569 19,480 12,211 Non-compete agreements 693 2,659 944 Other intangibles — — 5,678 Trade names & trademarks — — 3,291 Aggregate fair value of net assets acquired $ 7,731 $ 38,661 $ 39,221 |
Propane and related equipment sales [Member] | Ferrellgas, L.P. [Member] | |
Schedule Of Funding Of Acquisitions | These acquisitions, were funded as follows on their dates of acquisition: For the year ended July 31, 2015 2014 2013 Cash payments, net of cash acquired $ 4,250 $ 34,219 $ 37,186 Issuance of liabilities and other costs and considerations 481 2,942 2,035 Common units, net of issuance costs 3,000 1,500 — Aggregate fair value of transactions $ 7,731 $ 38,661 $ 39,221 |
Aggregate Fair Value Of Transaction | The aggregate fair values, for the acquisitions in propane and related equipment sales reporting segment, were allocated as follows, including any adjustments identified during the measurement period: For the year ended July 31, 2015 2014 2013 Working capital 233 (919 ) 7,302 Customer tanks, buildings, land and other 236 14,519 5,155 Goodwill — 2,922 4,640 Customer lists 6,569 19,480 12,211 Non-compete agreements 693 2,659 944 Other intangibles — — 5,678 Trade names & trademarks — — 3,291 Aggregate fair value of net assets acquired $ 7,731 $ 38,661 $ 39,221 |
Midstream Operations - Water Solutions [Member] | |
Schedule Of Funding Of Acquisitions | These acquisitions were funded as follows on their dates of acquisition: For the year ended July 31, 2015 2014 2013 Cash payments. net of cash acquired $ 74,677 $ 127,785 $ — Issuance of liabilities and other costs and considerations — 2,555 — Aggregate fair value of transactions $ 74,677 $ 130,340 $ — |
Aggregate Fair Value Of Transaction | The aggregate fair values, for these acquisitions were allocated as follows: For the year ended July 31, 2015 2014 2013 Working capital $ 1,155 $ 490 $ — Customer tanks, buildings, land and other 1,704 622 — Salt water disposal wells 10,705 24,288 — Goodwill 12,359 16,957 — Customer relationships 38,846 64,000 — Non-compete agreements 3,639 13,300 — Permits and favorable lease arrangements 6,269 10,683 — Aggregate fair value of net assets acquired $ 74,677 $ 130,340 $ — |
Midstream Operations - Water Solutions [Member] | Ferrellgas, L.P. [Member] | |
Schedule Of Funding Of Acquisitions | These acquisitions were funded as follows on their dates of acquisition: For the year ended July 31, 2015 2014 2013 Cash payments, net of cash acquired $ 74,677 $ 127,785 $ — Issuance of liabilities and other costs and considerations — 2,555 — Aggregate fair value of transactions $ 74,677 $ 130,340 $ — |
Aggregate Fair Value Of Transaction | The aggregate fair values, for these acquisitions were allocated as follows: For the year ended July 31, 2015 2014 2013 Working capital 1,155 490 — Customer tanks, buildings, land and other 1,704 622 — Salt water disposal wells 10,705 24,288 — Goodwill 12,359 16,957 — Customer relationships 38,846 64,000 — Non-compete agreements 3,639 13,300 — Permits and favorable lease arrangements 6,269 10,683 — Aggregate fair value of net assets acquired $ 74,677 $ 130,340 $ — |
Midstream - Crude Oil Logistics [Member] | |
Aggregate Fair Value Of Transaction | The aggregate fair value for the Bridger Logistics Acquisition in the midstream operations - crude oil logistics solutions segment was preliminarily allocated as follows: For the year ended July 31, 2015 Working capital $ 1,783 Transportation equipment 293,491 Injection stations and pipelines 41,632 Goodwill 193,311 Customer relationships 261,811 Non-compete agreements 14,800 Trade names & trademarks 5,800 Office equipment 7,449 Other 2,375 Aggregate fair value of net assets acquired $ 822,452 |
Midstream - Crude Oil Logistics [Member] | Ferrellgas, L.P. [Member] | |
Aggregate Fair Value Of Transaction | The aggregate fair value for the Bridger Logistics Acquisition in the midstream operations - crude oil logistics solutions segment was preliminarily allocated as follows: For the year ended July 31, 2015 Working capital $ 1,783 Transportation equipment 293,491 Injection stations and pipelines 41,632 Goodwill 193,311 Customer relationships 261,811 Non-compete agreements 14,800 Trade names & trademarks 5,800 Office equipment 7,449 Other 2,375 Aggregate fair value of net assets acquired $ 822,452 |
Supplemental Financial Statem33
Supplemental Financial Statement Information (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Schedule Of Inventories | Inventories consist of the following: 2015 2014 Propane gas and related products $ 68,731 $ 121,111 Appliances, parts and supplies 28,023 24,858 Inventories $ 96,754 $ 145,969 |
Property, Plant And Equipment | Property, plant and equipment, net consist of the following: Estimated useful lives 2015 2014 Land Indefinite $ 34,389 $ 31,890 Land improvements 2-20 13,249 12,812 Buildings and improvements 20 71,923 68,492 Vehicles, including transport trailers 8-20 228,646 95,701 Bulk equipment and district facilities 5-30 111,657 109,739 Tanks, cylinders and customer equipment 2-30 772,904 772,402 Salt water disposal wells and related equipment 2-23 38,460 24,288 Rail cars 30 150,235 — Injection stations 20 37,619 — Pipeline 15 4,074 — Computer and office equipment 2-5 123,386 116,265 Construction in progress n/a 16,841 7,029 1,603,383 1,238,618 Less: accumulated depreciation 638,166 626,831 Property, plant and equipment, net $ 965,217 $ 611,787 |
Other Current Liabilities | Other current liabilities consist of the following: 2015 2014 Accrued interest $ 17,281 $ 12,182 Accrued payroll 17,485 37,120 Customer deposits and advances 28,792 25,412 Price risk management liabilities 31,450 83 Other 85,679 50,364 Other current liabilities $ 180,687 $ 125,161 |
Shipping And Handling Expenses | Shipping and handling expenses are classified in the following consolidated statements of earnings line items: For the year ended July 31, 2015 2014 2013 Operating expense $ 174,105 $ 190,999 $ 181,932 Depreciation and amortization expense 5,127 5,829 5,744 Equipment lease expense 22,667 15,807 14,028 $ 201,899 $ 212,635 $ 201,704 |
Ferrellgas, L.P. [Member] | |
Schedule Of Inventories | Inventories consist of the following: 2015 2014 Propane gas and related products $ 68,731 $ 121,111 Appliances, parts and supplies 28,023 24,858 Inventories $ 96,754 $ 145,969 |
Property, Plant And Equipment | Property, plant and equipment, net consist of the following: Estimated useful lives 2015 2014 Land Indefinite $ 34,389 $ 31,890 Land improvements 2-20 13,249 12,812 Buildings and improvements 20 71,923 68,492 Vehicles, including transport trailers 8-20 228,646 95,701 Bulk equipment and district facilities 5-30 111,657 109,739 Tanks, cylinders and customer equipment 2-30 772,904 772,402 Salt water disposal wells and related equipment 2-23 38,460 24,288 Rail cars 30 150,235 — Injection stations 20 37,619 — Pipeline 15 4,074 — Computer and office equipment 2-5 123,386 116,265 Construction in progress n/a 16,841 7,029 1,603,383 1,238,618 Less: accumulated depreciation 638,166 626,831 Property, plant and equipment, net $ 965,217 $ 611,787 |
Other Current Liabilities | Other current liabilities consist of the following: 2015 2014 Accrued interest $ 15,275 $ 10,176 Accrued payroll 17,485 37,120 Customer deposits and advances 28,792 25,412 Price risk management liabilities 31,450 83 Other 83,174 50,362 Other current liabilities $ 176,176 $ 123,153 |
Shipping And Handling Expenses | Shipping and handling expenses are classified in the following consolidated statements of earnings line items: For the year ended July 31, 2015 2014 2013 Operating expense $ 174,105 $ 190,999 $ 181,932 Depreciation and amortization expense 5,127 5,829 5,744 Equipment lease expense 22,667 15,807 14,028 $ 201,899 $ 212,635 $ 201,704 |
Accounts And Notes Receivable34
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Accounts And Notes Receivable | Accounts and notes receivable, net consist of the following: 2015 2014 Accounts receivable pledged as collateral $ 123,791 $ 159,003 Accounts receivable 77,636 24,108 Other 307 247 Less: Allowance for doubtful accounts (4,816 ) (4,756 ) Accounts and notes receivable, net $ 196,918 $ 178,602 |
Ferrellgas, L.P. [Member] | |
Accounts And Notes Receivable | Accounts and notes receivable, net consist of the following: 2015 2014 Accounts receivable pledged as collateral $ 123,791 $ 159,003 Accounts receivable 77,636 24,108 Other 307 247 Less: Allowance for doubtful accounts (4,816 ) (4,756 ) Accounts and notes receivable, net $ 196,918 $ 178,602 |
Goodwill And Intangible Asset35
Goodwill And Intangible Assets, Net (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Goodwill And Intangible Assets, Net | Goodwill and intangible assets, net consist of the following: July 31, 2015 July 31, 2014 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Goodwill, net $ 478,747 $ — $ 478,747 $ 273,210 $ — $ 273,210 Intangible assets, net Amortized intangible assets Customer related $ 807,122 $ (349,719 ) $ 457,403 $ 500,100 $ (322,277 ) $ 177,823 Non-compete agreements 53,711 (18,730 ) 34,981 63,933 (43,120 ) 20,813 Permits and favorable lease arrangements 16,952 (1,173 ) 15,779 10,683 (119 ) 10,564 Other 9,182 (5,497 ) 3,685 9,177 (4,592 ) 4,585 886,967 (375,119 ) 511,848 583,893 (370,108 ) 213,785 Unamortized intangible assets Trade names & trademarks 68,195 68,195 62,386 62,386 Total intangible assets, net $ 955,162 $ (375,119 ) $ 580,043 $ 646,279 $ (370,108 ) $ 276,171 |
Schedule of Goodwill Rollforward | Changes in the carrying amount of goodwill, by reportable segment, are as follows: Propane and related equipment sales Midstream operations - water solutions Midstream operations - crude oil logistics Total Balance July 31, 2013 $ 253,362 $ — $ — $ 253,362 Acquisitions 2,922 16,957 — 19,879 Other (31 ) — — (31 ) Balance July 31, 2014 256,253 16,957 — 273,210 Acquisitions — 12,359 193,311 205,670 Other (133 ) — — (133 ) Balance July 31, 2015 $ 256,120 $ 29,316 $ 193,311 $ 478,747 |
Schedule Of Aggregate Amortization Expense | Aggregate amortization expense related to intangible assets, net: For the year ended July 31, 2015 $ 34,585 2014 23,490 2013 21,725 |
Schedule Of Estimated Amortization Expense | Estimated amortization expense: For the year ended July 31, 2016 $ 61,788 2017 61,212 2018 57,546 2019 51,297 2020 45,588 |
Ferrellgas, L.P. [Member] | |
Goodwill And Intangible Assets, Net | Goodwill and intangible assets, net consist of the following: July 31, 2015 July 31, 2014 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Goodwill, net $ 478,747 $ — $ 478,747 $ 273,210 $ — $ 273,210 Intangible assets, net Amortized intangible assets Customer related $ 807,122 $ (349,719 ) $ 457,403 $ 500,100 $ (322,277 ) $ 177,823 Non-compete agreements 53,711 (18,730 ) 34,981 63,933 (43,120 ) 20,813 Permits and favorable lease arrangements 16,952 (1,173 ) 15,779 10,683 (119 ) 10,564 Other 9,182 (5,497 ) 3,685 9,177 (4,592 ) 4,585 886,967 (375,119 ) 511,848 583,893 (370,108 ) 213,785 Unamortized intangible assets Trade names & trademarks 68,195 68,195 62,386 62,386 Total intangible assets, net $ 955,162 $ (375,119 ) $ 580,043 $ 646,279 $ (370,108 ) $ 276,171 |
Schedule of Goodwill Rollforward | Changes in the carrying amount of goodwill, by reportable segment, are as follows: Propane and related equipment sales Midstream operations - water solutions Midstream operations - crude oil logistics Total Balance July 31, 2013 $ 253,362 $ — $ — $ 253,362 Acquisitions 2,922 16,957 — 19,879 Other (31 ) — — (31 ) Balance July 31, 2014 256,253 16,957 — 273,210 Acquisitions — 12,359 193,311 205,670 Other (133 ) — — (133 ) Balance July 31, 2015 $ 256,120 $ 29,316 $ 193,311 $ 478,747 |
Schedule Of Aggregate Amortization Expense | Aggregate amortization expense related to intangible assets, net: For the year ended July 31, 2015 $ 34,585 2014 23,490 2013 21,725 |
Schedule Of Estimated Amortization Expense | Estimated amortization expense: For the year ended July 31, 2016 $ 61,788 2017 61,212 2018 57,546 2019 51,297 2020 45,588 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Components Of Long-term Debt | Long-term debt consists of the following: 2015 2014 Senior notes Fixed rate, 6.50%, due 2021 (1) $ 500,000 $ 500,000 Fixed rate, 6.75%, due 2023 (4) 500,000 — Fixed rate, 6.75%, due 2022, net of unamortized premium of $4,906 and $5,863 at 2015 and 2014, respectively (3) 479,906 480,863 Fixed rate, 8.625%, due 2020 (2) 182,000 182,000 Fair value adjustments related to interest rate swaps 876 (2,534 ) Secured credit facility Variable interest rate, expiring October 2018 (net of $75.3 million and $69.5 million classified as short-term borrowings at July 31, 2015 and 2014, respectively) 136,081 123,781 Notes payable 9.5% and 8.8% weighted average interest rate at July 31, 2015 and 2014, respectively, due 2015 to 2022, net of unamortized discount of $1,914 and $2,239 at July 31, 2015 and 2014, respectively 9,181 11,727 1,808,044 1,295,837 Less: current portion, included in other current liabilities on the consolidated balance sheets 3,652 3,623 Long-term debt $ 1,804,392 $ 1,292,214 (1) During November 2010 , Ferrellgas issued $500.0 million in aggregate principal amount of 6.50% senior notes due 2021 at an offering price equal to par. These notes are general unsecured senior obligations of Ferrellgas and are effectively junior to all future senior secured indebtedness of Ferrellgas, to the extent of the value of the assets securing the debt, and are structurally subordinated to all existing and future indebtedness and obligations of the operating partnership. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on May 1 and November 1 of each year. The outstanding principal amount is due on May 1, 2021 . Ferrellgas would incur prepayment penalties if it were to repay the notes prior to 2019 . (2) During April 2010 , Ferrellgas issued $280.0 million of its fixed rate senior notes. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. Ferrellgas would incur prepayment penalties if it were to repay the notes prior to 2018 . During March 2011, Ferrellgas redeemed $98.0 million of these fixed rate senior notes. (3) During November 2013 , Ferrellgas issued $325.0 million in aggregate principal amount of 6.75% senior notes due 2022 at an offering price equal to par. Ferrellgas received $319.3 million of net proceeds after deducting underwriters' fees. Ferrellgas used the net proceeds to redeem all of its $300.0 million 9.125% fixed rate senior notes due October 1, 2017 . Ferrellgas used the remaining proceeds to pay the related $14.7 million make whole and consent payments, $3.3 million in interest payments and to reduce outstanding indebtedness under the secured credit facility. This redemption also resulted in $6.0 million of non-cash write-offs of unamortized debt discount and related capitalized debt costs. The make whole and consent payments and the non-cash write-offs of unamortized debt discount and related capitalized debt costs are classified as loss on extinguishment of debt. During June 2014 , Ferrellgas issued an additional $150.0 million in aggregate principal amount of 6.75% senior notes due 2022 at an offering price equal to 104% of par. Ferrellgas used the net proceeds for general corporate purposes, including to repay indebtedness under its secured credit facility and to pay related transaction fees and expenses. (4) During June 2015, Ferrellgas issued $500.0 million in aggregate principal amount of 6.75% senior notes due 2023 at an offering price equal to par. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. The outstanding principal amount is due on June 15, 2023. Ferrellgas would incur prepayment penalties if it were to repay the notes prior to 2021. Ferrellgas received $491.3 million of net proceeds after deducting underwriters' fees. Ferrellgas used the net proceeds to fund a portion of the cash portion of the consideration for the acquisition of the outstanding membership interests in Bridger Logistics, LLC and its subsidiaries with remaining amounts being used to repay outstanding borrowing under the secured credit facility after the closing of the acquisitions. |
Scheduled Annual Principal Payments On Long-term Debt | The scheduled annual principal payments on long-term debt are as follows: For the year ending July 31, Scheduled annual principal payments 2016 $ 3,652 2017 3,241 2018 1,719 2019 1,204 2020 136,429 Thereafter 1,657,931 Total $ 1,804,176 |
Ferrellgas, L.P. [Member] | |
Components Of Long-term Debt | Long-term debt consists of the following: 2015 2014 Senior notes Fixed rate, 6.50%, due 2021 (1) $ 500,000 $ 500,000 Fixed rate, 6.75%, due 2023 (3) 500,000 — Fixed rate, 6.75%, due 2022, net of unamortized premium of $4,906 and $5,863 at 2015 and 2014, respectively (2) 479,906 480,863 Fair value adjustments related to interest rate swaps 876 (2,534 ) Secured credit facility Variable interest rate, expiring October 2018 (net of $75.3 million and $69.5 million classified as short-term borrowings at July 31, 2015 and 2014, respectively) 136,081 123,781 Notes payable 9.5% and 8.8% weighted average interest rate at July 31, 2015 and 2014, respectively, due 2015 to 2022, net of unamortized discount of $1,914 and $2,239 at July 31, 2015 and 2014, respectively 9,181 11,727 1,626,044 1,113,837 Less: current portion, included in other current liabilities on the consolidated balance sheets 3,652 3,623 Long-term debt $ 1,622,392 $ 1,110,214 (1) During November 2010 , Ferrellgas, L.P. issued $500.0 million in aggregate principal amount of new 6.50% senior notes due 2021 at an offering price equal to par. These notes are general unsecured senior obligations of Ferrellgas, L.P. and are effectively junior to all future senior secured indebtedness of Ferrellgas, L.P., to the extent of the value of the assets securing the debt, and are structurally subordinated to all existing and future indebtedness and obligations of Ferrellgas, L.P. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on May 1 and November 1 of each year. The outstanding principal amount is due on May 1, 2021 . Ferrellgas, L.P. would incur prepayment penalties if it were to repay the notes prior to 2019 . (2) During November 2013 , Ferrellgas, L.P. issued $325.0 million in aggregate principal amount of 6.75% senior notes due 2022 at an offering price equal to par. Ferrellgas, L.P. received $319.3 million of net proceeds after deducting underwriters' fees. Ferrellgas, L.P. used the net proceeds to redeem all of its $300.0 million 9.125% fixed rate senior notes due October 1, 2017 . Ferrellgas, L.P. used the remaining proceeds to pay the related $14.7 million make whole and consent payments, $3.3 million in interest payments and to reduce outstanding indebtedness under the secured credit facility. This redemption also resulted in $6.0 million of non-cash write-offs of unamortized debt discount and related capitalized debt costs. The make whole and consent payments and the non-cash write-offs of unamortized debt discount and related capitalized debt costs are classified as loss on extinguishment of debt. During June 2014 , Ferrellgas, L.P. issued an additional $150.0 million in aggregate principal amount of 6.75% senior notes due 2022 at an offering price equal to 104% of par. Ferrellgas, L.P. used the net proceeds for general corporate purposes, including to repay indebtedness under its secured credit facility and to pay related transaction fees and expenses. (3) During June 2015, Ferrellgas, L.P. issued $500.0 million in aggregate principal amount of 6.75% senior notes due 2023 at an offering price equal to par. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. The outstanding principal amount is due on June 15, 2023. Ferrellgas, L.P. would incur prepayment penalties if it were to repay the notes prior to 2021. Ferrellgas, L.P. received $491.3 million of net proceeds after deducting underwriters' fees. Ferrellgas, L.P. used the net proceeds to fund a portion of the cash portion of the consideration for the acquisition of the outstanding membership interests in Bridger Logistics, LLC and its subsidiaries with remaining amounts being used to repay outstanding borrowing under the secured credit facility after the closing of the acquisitions. |
Scheduled Annual Principal Payments On Long-term Debt | The scheduled annual principal payments on long-term debt are as follows: For the year ending July 31, Scheduled annual principal payments 2016 $ 3,652 2017 3,241 2018 1,719 2019 1,204 2020 136,429 Thereafter 1,475,931 Total $ 1,622,176 |
Partners' Capital (Tables)
Partners' Capital (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Limited Partner Units | As of July 31, 2015 and 2014 , limited partner units were beneficially owned by the following: 2015 2014 Public common unitholders (1) 63,294,168 55,153,208 Ferrell Companies (2) 22,529,361 21,469,664 FCI Trading Corp. (3) 195,686 195,686 Ferrell Propane, Inc. (4) 51,204 51,204 James E. Ferrell (5) 4,763,475 4,358,475 James H. Ballengee (6) 9,542,895 — |
Ferrellgas Paid Cash Distributions | Ferrellgas Partners has paid the following distributions: For the year ended July 31, 2015 2014 2013 Public common unitholders $ 111,163 $ 107,164 $ 105,934 Ferrell Companies 45,059 42,939 42,939 FCI Trading Corp. 392 392 392 Ferrell Propane, Inc. 104 104 104 James E. Ferrell 8,717 8,717 8,717 General partner 1,670 1,609 1,596 $ 167,105 $ 160,925 $ 159,682 |
Ferrellgas, L.P. [Member] | |
Ferrellgas Paid Cash Distributions | Ferrellgas, L.P. has paid the following quarterly distributions. For the year ended July 31, 2015 2014 2013 Ferrellgas Partners $ 182,803 $ 176,623 $ 175,380 General partner 1,864 1,803 1,790 |
Subsequent Event [Member] | |
Dividends Expected To Be Paid To Related Parties | Included in this cash distribution were the following amounts paid to related parties: Ferrell Companies $ 11,546 FCI Trading Corp. 100 Ferrell Propane, Inc. 26 James E. Ferrell 2,441 General partner 520 James H. Ballengee 4,890 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Assets and Liabilities Fair Value Heirarchy | The following table presents Ferrellgas’ financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of July 31, 2015 and 2014 : Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total July 31, 2015: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 1,828 $ — $ 1,828 Commodity derivatives $ — $ 4,655 $ — $ 4,655 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (4,748 ) $ — $ (4,748 ) Commodity derivatives $ — $ (42,375 ) $ — $ (42,375 ) Contingent consideration $ — $ — $ (100 ) $ (100 ) July 31, 2014: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 2,101 $ — $ 2,101 Commodity derivatives $ — $ 7,006 $ — $ 7,006 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (5,075 ) $ — $ (5,075 ) Commodity derivatives $ — $ (83 ) $ — $ (83 ) Contingent consideration $ — $ — $ (6,400 ) $ (6,400 ) |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following is a reconciliation of the opening and closing balances for the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period ended July 31, 2014: Contingent consideration liability Balance at July 31, 2014 $ 6,400 Estimated value at acquisition — Increase in fair value related to accretion 400 Change in fair value included in earnings (6,700 ) Balance at July 31, 2015 $ 100 |
Fair Value Inputs, Liabilities, Quantitative Information | Quantitative Information about Level 3 Fair Value Measurements Fair value at July 31, 2015 Valuation technique Unobservable input Range Weighted Average Contingent consideration liability $ 100 Discounted cash flow A. Weighted average cost of capital (WACC) N/A 20 % B. Probability of forecast 5% - 80% N/A |
Sensitivity of Unobservable Inputs | As of July 31, 2015 , fluctuations in these inputs could have the following effect (in thousands): Increase/(decrease) 5% increase in WACC 5% decrease in WACC 10% increase in best earnings forecast probability 10% decrease in best earnings forecast probability Change in the fair value of contingent consideration $ (10 ) $ — $ 200 $ (100 ) |
Ferrellgas, L.P. [Member] | |
Assets and Liabilities Fair Value Heirarchy | The following table presents Ferrellgas, L.P.’s financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of July 31, 2015 and 2014 : Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs Unobservable Inputs (Level 3) Total July 31, 2015: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 1,828 $ — $ 1,828 Commodity derivatives $ — $ 4,655 $ — $ 4,655 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (4,748 ) $ — $ (4,748 ) Commodity derivatives $ — $ (42,375 ) $ — $ (42,375 ) Contingent consideration $ — $ — $ (100 ) $ (100 ) July 31, 2014: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 2,101 $ — $ 2,101 Commodity derivatives $ — $ 7,006 $ — $ 7,006 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (5,075 ) $ — $ (5,075 ) Commodity derivatives $ — $ (83 ) $ — $ (83 ) Contingent consideration $ — $ — $ (6,400 ) $ (6,400 ) |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following is a reconciliation of the opening and closing balances for the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period ended July 31, 2014: Contingent consideration liability Balance at July 31, 2014 $ 6,400 Estimated value at acquisition — Increase in fair value related to accretion 400 Change in fair value included in earnings (6,700 ) Balance at July 31, 2015 $ 100 |
Fair Value Inputs, Liabilities, Quantitative Information | Quantitative Information about Level 3 Fair Value Measurements Fair value at July 31, 2015 Valuation technique Unobservable input Range Weighted Average Contingent consideration liability $ 100 Discounted cash flow A. Weighted average cost of capital (WACC) N/A 20 % B. Probability of forecast 5% - 80% N/A |
Sensitivity of Unobservable Inputs | As of July 31, 2015 , fluctuations in these inputs could have the following effect (in thousands): Increase/(decrease) 5% increase in WACC 5% decrease in WACC 10% increase in best earnings forecast probability 10% decrease in best earnings forecast probability Change in the fair value of contingent consideration $ (10 ) $ — $ 200 $ (100 ) |
Derivative Instruments and He39
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Fair Value of Financial Derivatives Balance Sheet Locations | The following tables provide a summary of the fair value of derivatives within Ferrellgas’ consolidated balance sheets as of July 31, 2015 and 2014 : July 31, 2015 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives Prepaid expenses and other current assets $ 3,614 Other current liabilities $ 27,929 Commodity derivatives Other assets, net 1,041 Other liabilities 12,034 Interest rate swap agreements Prepaid expenses and other current assets 1,828 Other current liabilities 2,241 Interest rate swap agreements Other assets, net — Other liabilities 2,507 Derivatives not designated as hedging instruments Commodity derivatives Prepaid expenses and other current assets — Other current liabilities 1,280 Commodity derivatives Other assets, net — Other liabilities 1,132 Total $ 6,483 Total $ 47,123 July 31, 2014 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives Prepaid expenses and other current assets $ 5,301 Other current liabilities $ 83 Commodity derivatives Other assets, net 1,705 Other liabilities — Interest rate swap agreements Prepaid expenses and other current assets 2,101 Other current liabilities — Interest rate swap agreements Other assets, net — Other liabilities 5,075 Total $ 9,107 Total $ 5,158 |
Schedule of Derivative Collateral | The following tables provide a summary of cash margin deposit balances as of July 31, 2015 and July 31, 2014, respectively: July 31, 2015 Assets Liabilities Description Location Amount Location Amount Margin Deposits Prepaid expense and other current assets $ 18,009 Other current liabilities $ 15 Other assets, net 11,786 Other liabilities — $ 29,795 $ 15 July 31, 2014 Assets Liabilities Description Location Amount Location Amount Margin Deposits Prepaid expense and other current assets $ 156 Other current liabilities $ — Other assets, net 189 Other liabilities — $ 345 $ — |
Fair Value Hedge Derivative Effect on Earnings | The following table provides a summary of the effect on Ferrellgas’ consolidated statements of comprehensive income for the years ended July 31, 2015 and 2014 due to derivatives designated as fair value hedging instruments: Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) Derivative Instrument Location of Gain Recognized on Derivative For the year ended July 31, For the year ended July 31, 2015 2014 2015 2014 Interest rate swap agreements Interest expense $ 1,892 $ 2,520 $ (9,100 ) $ (11,985 ) |
Cash Flow Hedge Derivative Effect on Comprehensive Income | The following tables provide a summary of the effect on Ferrellgas’ consolidated statements of comprehensive income for the years ended July 31, 2015 and 2014 due to derivatives designated as cash flow hedging instruments: For the year ended July 31, 2015 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Commodity derivatives $ (70,291 ) Cost of product sold- propane and other gas liquids sales $ (28,059 ) Interest rate swap agreements (3,356 ) Interest expense (199 ) $ (73,647 ) $ (28,258 ) For the year ended July 31, 2014 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Commodity derivatives $ 15,473 Cost of product sold- propane and other gas liquids sales $ 10,175 Interest rate swap agreements (881 ) Interest expense — $ 14,592 $ 10,175 |
Derivatives not designated as hedging instruments effect on earnings | The following table provides a summary of the effect on Ferrellgas’ consolidated statements of comprehensive income for the year ended July 31, 2015 due to the change in fair value of derivatives not designated as hedging instruments: For the year ended July 31, 2015 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Reclassified in Income Commodity derivatives $ (2,412 ) Operating expense |
Changes in Derivative Value Effect on Other Comprehensive Income Loss | The changes in derivatives included in accumulated other comprehensive income (loss) (“AOCI”) for the years ended July 31, 2015 , 2014 and 2013 were as follows: For the year ended July 31, Gains and losses on derivatives included in AOCI 2015 2014 2013 Beginning balance $ 6,483 $ 2,066 $ (12,799 ) Change in value on risk management commodity derivatives (70,291 ) 15,473 2,032 Reclassification of gains and losses of commodity hedges to cost of product sold - propane and other gas liquids sales, net 28,059 (10,175 ) 10,613 Change in value on risk management interest rate derivatives (3,356 ) (881 ) 2,220 Reclassification of gains and losses on interest rate hedges to interest expense 199 — — Ending balance $ (38,906 ) $ 6,483 $ 2,066 |
Ferrellgas, L.P. [Member] | |
Fair Value of Financial Derivatives Balance Sheet Locations | The following tables provide a summary of the fair value of derivatives within Ferrellgas, L.P.’s consolidated balance sheets as of July 31, 2015 and 2014 : July 31, 2015 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives Prepaid expenses and other current assets $ 3,614 Other current liabilities $ 27,929 Commodity derivatives Other assets, net 1,041 Other liabilities 12,034 Interest rate swap agreements Prepaid expenses and other current assets 1,828 Other current liabilities 2,241 Interest rate swap agreements Other assets, net — Other liabilities 2,507 Derivatives not designated as hedging instruments Commodity derivatives Prepaid expenses and other current assets — Other current liabilities 1,280 Commodity derivatives Other assets, net — Other liabilities 1,132 Total $ 6,483 Total $ 47,123 July 31, 2014 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives Prepaid expenses and other current assets $ 5,301 Other current liabilities $ 83 Commodity derivatives Other assets, net 1,705 Other liabilities — Interest rate swap agreements Prepaid expenses and other current assets 2,101 Other current liabilities — Interest rate swap agreements Other assets, net — Other liabilities 5,075 Total $ 9,107 Total $ 5,158 |
Schedule of Derivative Collateral | The following tables provide a summary of cash margin deposit balances as of July 31, 2015 and July 31, 2014, respectively: July 31, 2015 Assets Liabilities Description Location Amount Location Amount Margin Deposits Prepaid expense and other current assets $ 18,009 Other current liabilities $ 15 Other assets, net 11,786 Other liabilities — $ 29,795 $ 15 July 31, 2014 Assets Liabilities Description Location Amount Location Amount Margin Deposits Prepaid expense and other current assets $ 156 Other current liabilities $ — Other assets, net 189 Other liabilities — $ 345 $ — |
Fair Value Hedge Derivative Effect on Earnings | The following table provides a summary of the effect on Ferrellgas, L.P.’s consolidated statements of comprehensive income for the years ended July 31, 2015 and 2014 due to derivatives designated as fair value hedging instruments: Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) Derivative Instrument Location of Gain Recognized on Derivative For the year ended July 31, For the year ended July 31, 2015 2014 2015 2014 Interest rate swap agreements Interest expense $ 1,892 $ 2,520 $ (9,100 ) $ (11,985 ) |
Cash Flow Hedge Derivative Effect on Comprehensive Income | For the year ended July 31, 2015 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Commodity derivatives $ (70,291 ) Cost of product sold- propane and other gas liquids sales $ (28,059 ) Interest rate swap agreements (3,356 ) Interest expense (199 ) $ (73,647 ) $ (28,258 ) For the year ended July 31, 2014 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Commodity derivatives $ 15,473 Cost of product sold- propane and other gas liquids sales $ 10,175 Interest rate swap agreements (881 ) Interest expense — $ 14,592 $ 10,175 |
Derivatives not designated as hedging instruments effect on earnings | The following table provides a summary of the effect on Ferrellgas, L.P.'s consolidated statements of comprehensive income for the year ended July 31, 2015 due to the change in fair value of derivatives not designated as hedging instruments: For the year ended July 31, 2015 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Reclassified in Income Commodity derivatives $ (2,412 ) Operating expense |
Changes in Derivative Value Effect on Other Comprehensive Income Loss | The changes in derivatives included in accumulated other comprehensive income (loss) (“AOCI”) for the years ended July 31, 2015 , 2014 and 2013 were as follows: For the year ended July 31, Gains and losses on derivatives included in AOCI 2015 2014 2013 Beginning balance $ 6,483 $ 2,066 $ (12,799 ) Change in value on risk management commodity derivatives (70,291 ) 15,473 2,032 Reclassification of gains and losses of commodity hedges to cost of product sold - propane and other gas liquids sales, net 28,059 (10,175 ) 10,613 Change in value on risk management interest rate derivatives (3,356 ) (881 ) 2,220 Reclassification of gains and losses on interest rate hedges to interest expense $ 199 $ — $ — Ending balance $ (38,906 ) $ 6,483 $ 2,066 |
Transactions With Related Par40
Transactions With Related Parties (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Allocation Of Transactions With Related Parties | These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas’ behalf and are reported in the consolidated statements of earnings as follows: For the year ended July 31, 2015 2014 2013 Operating expense $ 217,742 $ 216,657 $ 203,859 General and administrative expense $ 27,278 $ 32,119 $ 30,053 |
Ferrellgas, L.P. [Member] | |
Allocation Of Transactions With Related Parties | These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas, L.P.’s behalf and are reported in the consolidated statements of earnings as follows: For the year ended July 31, 2015 2014 2013 Operating expense $ 217,742 $ 216,657 $ 203,859 General and administrative expense $ 27,278 $ 32,119 $ 30,053 |
Contingencies And Commitments (
Contingencies And Commitments (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Contractual Operating Lease Commitments And Buyouts | The following table summarizes Ferrellgas’ contractual operating lease commitments and buyout obligations as of July 31, 2015 : Future minimum rental and buyout amounts by fiscal year 2016 2017 2018 2019 2020 Thereafter Operating lease obligations $ 39,999 $ 31,497 $ 25,599 $ 20,084 $ 14,402 $ 16,078 Operating lease buyouts $ 2,738 $ 1,816 $ 3,217 $ 3,011 $ 2,693 $ 9,355 |
Ferrellgas, L.P. [Member] | |
Contractual Operating Lease Commitments And Buyouts | The following table summarizes Ferrellgas, L.P.’s contractual operating lease commitments and buyout obligations as of July 31, 2015 : Future minimum rental and buyout amounts by fiscal year 2016 2017 2018 2019 2020 Thereafter Operating lease obligations $ 39,999 $ 31,497 $ 25,599 $ 20,084 $ 14,402 $ 16,078 Operating lease buyouts $ 2,738 $ 1,816 $ 3,217 $ 3,011 $ 2,693 $ 9,355 |
Net Earnings (Loss) Per Commo42
Net Earnings (Loss) Per Common Unitholders' Interest (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Distribution Allocation | In periods with undistributed earnings above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the general partner and a dilution of the earnings to the limited partners as follows. Ratio of total distributions payable to: Quarterly distribution per common unit Common unitholder General partner $0.56 to $0.63 86.9 % 13.1 % $0.64 to $0.82 76.8 % 23.2 % $0.83 and above 51.5 % 48.5 % |
Basic And Diluted Net Earnings Per Common Unitholders' Interest | Additionally, in periods with net losses, there are no dilutive securities. For the year ended July 31, 2015 2014 2013 Common unitholders’ interest in net earnings $ 29,324 $ 32,879 $ 55,862 Weighted average common units outstanding (in thousands) 84,646.2 79,651.1 79,038.6 Dilutive securities 6.7 20.6 37.0 Weighted average common units outstanding plus dilutive securities 84,652.9 79,671.7 79,075.6 Basic and diluted net earnings per common unitholders’ interest $ 0.35 $ 0.41 $ 0.71 |
Segment Reporting Segment Rep43
Segment Reporting Segment Reporting (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Statement [Line Items] | |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Following is a reconciliation of Ferrellgas' total segment performance measure to consolidated net earnings: Year Ended July 31, 2015 2014 Net earnings attributable to Ferrellgas Partners, L.P. $ 29,620 $ 33,211 Income tax expense (benefit) (315 ) 2,516 Interest expense 100,396 86,502 Depreciation and amortization expense 98,579 84,202 EBITDA 228,280 206,431 Loss on extinguishment of debt — 21,202 Non-cash employee stock ownership plan compensation charge 24,713 21,789 Non-cash stock-based compensation charge 25,982 24,508 Loss on disposal of assets 7,099 6,486 Other expense, net 350 479 Change in fair value of contingent consideration (6,300 ) 5,000 Litigation accrual and related legal fees associated with a class action lawsuit 806 1,749 Acquisition and transition expenses 16,373 — Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments 2,412 — Net earnings attributable to noncontrolling interest 469 504 Adjusted EBITDA $ 300,184 $ 288,148 |
Reconciliation of Assets from Segment to Consolidated | Following are total assets by segment: July 31, July 31, 2015 2014 Assets Propane and related equipment sales $ 1,295,831 $ 1,400,603 Midstream operations - crude oil logistics 917,325 — Midstream operations - water solutions 205,358 136,116 Corporate and unallocated 45,542 35,551 Total consolidated assets $ 2,464,056 $ 1,572,270 |
Profit Measure [Member] | |
Statement [Line Items] | |
Schedule of Segment Reporting Information, by Segment | Following is a summary of segment information for the years ended July 31, 2015 and 2014. Year Ended July 31, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Segment revenues $ 1,917,201 $ 81,512 $ 25,677 $ — $ 2,024,390 Direct costs (1) 1,591,404 72,929 20,141 39,732 1,724,206 Adjusted EBITDA $ 325,797 $ 8,583 $ 5,536 $ (39,732 ) $ 300,184 Year Ended July 31, 2014 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Segment revenues $ 2,398,425 $ — $ 7,435 $ — $ 2,405,860 Direct costs (1) 2,067,133 — 3,997 46,582 2,117,712 Adjusted EBITDA $ 331,292 $ — $ 3,438 $ (46,582 ) $ 288,148 (1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of sales-other", "cost of sales-midstream operations", "operating expense", "general and administrative expense", and "equipment lease expense" less "non-cash stock and unit-based compensation charge", "change in fair value of contingent consideration", "litigation accrual and related legal fees associated with a class action lawsuit", "acquisition and transition expenses" and "unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments". |
Capital Expenditures [Member] | |
Statement [Line Items] | |
Schedule of Segment Reporting Information, by Segment | Following are capital expenditures by segment (unaudited): Year Ended July 31, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water solutions Corporate and other Total Capital expenditures: Maintenance $ 16,020 $ — $ 1,072 $ 2,357 $ 19,449 Growth 36,958 64 13,366 — 50,388 Total $ 52,978 $ 64 $ 14,438 $ 2,357 $ 69,837 Year Ended July 31, 2014 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water solutions Corporate & other Total Capital expenditures: Maintenance $ 14,682 $ — $ 181 $ 3,275 $ 18,138 Growth 30,501 — 1,715 627 32,843 Total $ 45,183 $ — $ 1,896 $ 3,902 $ 50,981 |
Ferrellgas, L.P. [Member] | |
Statement [Line Items] | |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Following is a reconciliation of Ferrellgas, L.P.'s total segment performance measure to consolidated net earnings: Year Ended July 31, 2015 2014 Net earnings $ 46,427 $ 49,907 Income tax expense (benefit) (384 ) 2,471 Interest expense 84,227 70,332 Depreciation and amortization expense 98,579 84,202 EBITDA 228,849 206,912 Loss on extinguishment of debt — 21,202 Non-cash employee stock ownership plan compensation charge 24,713 21,789 Non-cash stock and unit-based compensation charge 25,982 24,508 Loss on disposal of assets 7,099 6,486 Other expense, net 354 479 Change in fair value of contingent consideration (6,300 ) 5,000 Litigation accrual and related legal fees associated with a class action lawsuit 806 1,749 Acquisition and transition expenses 16,373 — Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments 2,412 — Adjusted EBITDA $ 300,288 $ 288,125 |
Reconciliation of Assets from Segment to Consolidated | Following are total assets by segment: July 31, July 31, 2015 2014 Assets Propane and related equipment sales $ 1,291,737 $ 1,400,603 Midstream operations - crude oil logistics 917,325 — Midstream operations - water solutions 205,358 136,116 Corporate and unallocated 45,542 33,114 Total consolidated assets $ 2,459,962 $ 1,569,833 |
Ferrellgas, L.P. [Member] | Profit Measure [Member] | |
Statement [Line Items] | |
Schedule of Segment Reporting Information, by Segment | Following is a summary of segment information for the years ended July 31, 2015 and 2014. Year Ended July 31, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Segment revenues $ 1,917,201 $ 81,512 $ 25,677 $ — $ 2,024,390 Direct costs (1) 1,591,300 72,929 20,141 39,732 1,724,102 Adjusted EBITDA $ 325,901 $ 8,583 $ 5,536 $ (39,732 ) $ 300,288 Year Ended July 31, 2014 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Segment revenues $ 2,398,425 $ — $ 7,435 $ — $ 2,405,860 Direct costs (1) 2,067,156 — 3,997 46,582 2,117,735 Adjusted EBITDA $ 331,269 $ — $ 3,438 $ (46,582 ) $ 288,125 |
Ferrellgas, L.P. [Member] | Capital Expenditures [Member] | |
Statement [Line Items] | |
Schedule of Segment Reporting Information, by Segment | Following are capital expenditures by segment (unaudited): Year Ended July 31, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water solutions Corporate and other Total Capital expenditures: Maintenance $ 16,020 $ — $ 1,072 $ 2,357 $ 19,449 Growth 36,958 64 13,366 — 50,388 Total $ 52,978 $ 64 $ 14,438 $ 2,357 $ 69,837 Year Ended July 31, 2014 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water solutions Corporate & other Total Capital expenditures: Maintenance $ 14,682 $ — $ 181 $ 3,275 $ 18,138 Growth 30,501 — 1,715 627 32,843 Total $ 45,183 $ — $ 1,896 $ 3,902 $ 50,981 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Summarized Unaudited Quarterly Data | The sum of basic and diluted net earnings (loss) per common unitholders’ interest by quarter may not equal the basic and diluted net earnings (loss) per common unitholders’ interest for the year due to variations in the weighted average units outstanding used in computing such amounts. For the year ended July 31, 2015 First quarter Second quarter Third quarter Fourth quarter Revenues $ 443,355 $ 665,973 $ 532,551 $ 382,511 Gross margin from propane and other gas liquids sales (a) 129,547 230,175 191,983 128,087 Gross margin from midstream operations (b) 5,948 4,934 3,416 16,301 Net earnings (loss) (33,169 ) 86,371 36,220 (59,333 ) Net earnings (loss) attributable to Ferrellgas Partners, L.P. (32,875 ) 85,458 35,812 (58,775 ) Common unitholders’ interest in net earnings (loss) (32,546 ) 84,603 35,454 (58,187 ) Basic and diluted net earnings (loss) per common unitholders’ interest $ (0.40 ) $ 0.89 $ 0.43 $ (0.64 ) For the year ended July 31, 2014 First quarter Second quarter Third quarter Fourth quarter Revenues $ 415,030 $ 869,683 $ 722,117 $ 399,030 Gross margin from propane and other gas liquids sales (a) 123,469 237,940 202,861 126,685 Gross margin from midstream operations (b) — — — 5,465 Net earnings (loss) (25,057 ) 61,123 45,890 (48,241 ) Net earnings (loss) attributable to Ferrellgas Partners, L.P. (24,843 ) 60,464 45,385 (47,795 ) Common unitholders’ interest in net earnings (loss) (24,595 ) 59,860 44,931 (47,317 ) Basic and diluted net earnings (loss) per common unitholders’ interest $ (0.31 ) $ 0.72 $ 0.57 $ (0.58 ) (a) Gross margin from “Propane and other gas liquids sales” represents “Revenues - propane and other gas liquids sales” less “Cost of sales – propane and other gas liquids sales.” (b) Gross margin from "Midstream operations" represents "Revenues - midstream operations" less "Cost of sales - midstream operations." |
Ferrellgas, L.P. [Member] | |
Summarized Unaudited Quarterly Data | The following summarized unaudited quarterly data includes all adjustments (consisting only of normal recurring adjustments, with the exception of those items indicated below), which Ferrellgas, L.P. considers necessary for a fair presentation. Due to the seasonality of the propane distribution business, first and fourth quarter Revenues, gross margin from propane and other gas liquids sales and Net earnings are consistently less than the second and third quarter results. Other factors affecting the results of operations include competitive conditions, demand for product, timing of acquisitions, variations in the weather and fluctuations in propane prices. For the year ended July 31, 2015 First quarter Second quarter Third quarter Fourth quarter Revenues $ 443,355 $ 665,973 $ 532,551 $ 382,511 Gross margin from propane and other gas liquids sales (a) 129,547 230,175 191,983 128,087 Gross margin from midstream operations (b) $ 5,948 $ 4,934 $ 3,416 $ 16,301 Net earnings (loss) $ (29,137 ) $ 90,409 $ 40,404 $ (55,249 ) For the year ended July 31, 2014 First quarter Second quarter Third quarter Fourth quarter Revenues $ 415,030 $ 869,683 $ 722,117 $ 399,030 Gross margin from propane and other gas liquids sales (a) 123,469 237,940 202,861 126,685 Gross margin from midstream operations (b) $ — $ — $ — $ 5,465 Net earnings (loss) $ (21,138 ) $ 65,171 $ 50,053 $ (44,179 ) (a) Gross margin from “Propane and other gas liquids sales” represents “Revenues - propane and other gas liquids sales” less “Cost of sales – propane and other gas liquids sales.” |
Schedule I Parent Only Balanc45
Schedule I Parent Only Balance Sheets, Statements Of Earnings And Cash Flows (Tables) - Parent Company [Member] | 12 Months Ended |
Jul. 31, 2015 | |
Schedule Of Parent Only Balance Sheet | Schedule 1 FERRELLGAS PARTNERS, L.P. PARENT ONLY BALANCE SHEETS (in thousands, except unit data) July 31, 2015 2014 ASSETS Cash and cash equivalents $ 2,052 $ 6 Prepaid expenses and other current assets 74 — Investment in Ferrellgas, L.P. 386,171 69,205 Other assets, net 1,968 2,439 Total assets $ 390,265 $ 71,650 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Other current liabilities $ 4,511 $ 2,016 Long-term debt 182,000 182,000 Partners' capital (deficit) Common unitholders (100,376,789 and 81,228,237 units outstanding at 2015 and 2014, respectively) 299,730 (57,893 ) General partner (1,013,907 and 820,487 units outstanding at 2015 and 2014, respectively) (57,042 ) (60,654 ) Accumulated other comprehensive income (loss) (38,934 ) 6,181 Total Ferrellgas Partners, L.P. partners' capital (deficit) 203,754 (112,366 ) Total liabilities and partners' capital (deficit) $ 390,265 $ 71,650 |
Schedule Of Parent Only Statement Of Earnings | FERRELLGAS PARTNERS, L.P. PARENT ONLY STATEMENTS OF EARNINGS (in thousands) For the year ended July 31, 2015 2014 2013 Equity in earnings of Ferrellgas, L.P. $ 45,958 $ 49,403 $ 72,634 Operating expense 104 23 (20 ) Operating income 45,854 49,426 72,614 Interest expense (16,169 ) (16,170 ) (16,171 ) Income tax expense (69 ) (45 ) (17 ) Other income 4 0 0 Net earnings $ 29,620 $ 33,211 $ 56,426 |
Schedule Of Parent Only Statement Of Cash | FERRELLGAS PARTNERS, L.P. PARENT ONLY STATEMENTS OF CASH FLOWS (in thousands) For the year ended July 31, 2015 2014 2013 Cash flows from operating activities: Net earnings attributable to Ferrellgas Partners, L.P. $ 29,620 $ 33,211 $ 56,426 Reconciliation of net earnings to net cash used in operating activities: Other 2,922 426 383 Equity in earnings of Ferrellgas, L.P. (45,958 ) (49,403 ) (72,634 ) Net cash used in operating activities (13,416 ) (15,766 ) (15,825 ) Cash flows from investing activities: Business acquisitions, net of cash acquired (562,500 ) — — Distributions received from Ferrellgas, L.P. 601,736 176,623 175,380 Cash contributed to Ferrellgas, L.P. (42,224 ) (51,105 ) (800 ) Net cash provided by (used in) investing activities (2,988 ) 125,518 174,580 Cash flows from financing activities: Distributions paid to common and general partner unitholders (167,105 ) (160,925 ) (159,682 ) Cash paid for financing costs — (94 ) — Issuance of common units (net of issuance costs of $648, $0, and $0 for the years ended July 31, 2015, 2014, and 2013 181,008 50,000 — Proceeds from exercise of common unit options 91 605 864 Cash contribution from general partners in connection with common unit issuances 4,456 511 9 Net cash provided by (used in) financing activities 18,450 (109,903 ) (158,809 ) Increase (decrease) in cash and cash equivalents 2,046 (151 ) (54 ) Cash and cash equivalents - beginning of year 6 157 211 Cash and cash equivalents - end of year $ 2,052 $ 6 $ 157 |
Schedule II Valuation And Qua46
Schedule II Valuation And Qualifying Accounts (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Schedule Of Valuation And Qualifying Accounts | Schedule II FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS (in thousands) Balance at Charged to Balance beginning cost and at end Description of period expenses Other of period Year ended July 31, 2015 Allowance for doubtful accounts $ 4,756 $ 3,419 $ (3,359 ) (1) $ 4,816 Year ended July 31, 2014 Allowance for doubtful accounts $ 3,607 $ 3,419 $ (2,270 ) (1) $ 4,756 Year ended July 31, 2013 Allowance for doubtful accounts $ 3,812 $ 2,066 $ (2,271 ) (1) $ 3,607 (1) Uncollectible accounts written off, net of recoveries. |
Ferrellgas, L.P. [Member] | |
Schedule Of Valuation And Qualifying Accounts | Schedule II FERRELLGAS, L.P. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS (in thousands) Balance at Charged to Balance beginning cost and at end Description of period expenses Other of period Year ended July 31, 2015 Allowance for doubtful accounts $ 4,756 $ 3,419 $ (3,359 ) (1) $ 4,816 Year ended July 31, 2014 Allowance for doubtful accounts $ 3,607 $ 3,419 $ (2,270 ) (1) $ 4,756 Year ended July 31, 2013 Allowance for doubtful accounts $ 3,812 $ 2,066 $ (2,271 ) (1) $ 3,607 (1) Uncollectible accounts written off, net of recoveries. |
Partnership Organization And 47
Partnership Organization And Formation (Details) | 12 Months Ended | |
Jul. 31, 2015USD ($)employeestatesubsidiaryshares | Jul. 31, 2014shares | |
Partnership formation date | Apr. 19, 1994 | |
Limited partner interest | 99.00% | |
General partner ownership interest | 1.00% | |
Number Of Entity Subsidiaries | subsidiary | 2 | |
Equity interest in subsidiary | 100.00% | |
Number of States in which Entity Operates | state | 50 | |
Number of employees | employee | 0 | |
Ferrellgas Partners Finance Corp. [Member] | ||
Common stock shares outstanding | 1,000 | 1,000 |
Corporation formation date | Mar. 28, 1996 | |
Corporation formation proceeds from partnership | $ | $ 1,000 | |
Corporation formation shares granted to partnership | 1,000 | |
Number of employees | employee | 0 | |
Ferrellgas, L.P. [Member] | ||
Partnership formation date | Apr. 22, 1994 | |
Limited partner interest | 99.00% | |
General partner ownership interest | 1.00% | |
Equity interest in subsidiary | 100.00% | |
Number of States in which Entity Operates | state | 50 | |
Number of employees | employee | 0 | |
Ferrellgas Finance Corp. [Member] | ||
Common stock shares outstanding | 1,000 | 1,000 |
Corporation formation date | Jan. 16, 2003 | |
Corporation formation proceeds from partnership | $ | $ 1,000 | |
Corporation formation shares granted to partnership | 1,000 | |
Number of employees | employee | 0 | |
Ferrell Companies [Member] | ||
Common stock shares outstanding | 22,800,000 | |
Operating Partnership [Member] | ||
General partner ownership interest | 1.00% | |
Ferrellgas [Member] | ||
General partner ownership interest | 2.00% |
Summary Of Significant Accoun48
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015USD ($)subsidiaryshares | Jul. 31, 2014USD ($) | Jul. 31, 2013USD ($) | |
General partner ownership interest | 1.00% | ||
Revenue recognized over a straight-line basis, term | 1 year | ||
Non-cash stock and unit-based compensation charge | $ 25,982 | $ 24,508 | $ 13,545 |
Number of taxable subsidiaries | subsidiary | 1 | ||
Ferrellgas, L.P. [Member] | |||
General partner ownership interest | 1.00% | ||
Revenue recognized over a straight-line basis, term | 1 year | ||
Non-cash stock and unit-based compensation charge | $ 25,982 | 24,508 | 13,545 |
Minimum [Member] | |||
Property, plant and equipment useful life | 2 years | ||
Intangible asset useful life | 2 years | ||
Minimum [Member] | Ferrellgas, L.P. [Member] | |||
Property, plant and equipment useful life | 2 years | ||
Intangible asset useful life | 2 years | ||
Maximum [Member] | |||
Property, plant and equipment useful life | 30 years | ||
Intangible asset useful life | 15 years | ||
Maximum [Member] | Ferrellgas, L.P. [Member] | |||
Property, plant and equipment useful life | 30 years | ||
Intangible asset useful life | 15 years | ||
Ferrell Companies, Inc. Incentive Compensation Plan [Member] | |||
Number of shares authorized to be issued as options | shares | 9,250,000 | ||
Non-cash stock and unit-based compensation charge | $ 25,600 | 24,500 | 13,500 |
Ferrell Companies, Inc. Incentive Compensation Plan [Member] | Ferrellgas, L.P. [Member] | |||
Number of shares authorized to be issued as options | shares | 9,250,000 | ||
Non-cash stock and unit-based compensation charge | $ 25,600 | $ 24,500 | $ 13,500 |
Ferrell Companies Inc Deferred Incentive Compensation Plan [Member] [Member] | |||
Stock options, percent to vest upon event | 100.00% | ||
Retirement age | 65 | ||
Ferrell Companies Inc Deferred Incentive Compensation Plan [Member] [Member] | Ferrellgas, L.P. [Member] | |||
Stock options, percent to vest upon event | 100.00% | ||
Retirement age | 65 | ||
Ferrell Companies Inc Deferred Incentive Compensation Plan [Member] [Member] | Minimum [Member] | |||
Award vesting period | 0 years | ||
Term till award expiration | 10 years | ||
Ferrell Companies Inc Deferred Incentive Compensation Plan [Member] [Member] | Minimum [Member] | Ferrellgas, L.P. [Member] | |||
Award vesting period | 0 years | ||
Term till award expiration | 10 years | ||
Ferrell Companies Inc Deferred Incentive Compensation Plan [Member] [Member] | Maximum [Member] | |||
Award vesting period | 12 years | ||
Term till award expiration | 15 years | ||
Ferrell Companies Inc Deferred Incentive Compensation Plan [Member] [Member] | Maximum [Member] | Ferrellgas, L.P. [Member] | |||
Award vesting period | 12 years | ||
Term till award expiration | 15 years | ||
Operating Partnership [Member] | |||
General partner ownership interest | 1.00% | ||
Operating Partnership [Member] | Ferrellgas, L.P. [Member] | |||
Number of taxable subsidiaries | subsidiary | 3 |
Summary Of Significant Accoun49
Summary Of Significant Accounting Policies (Significant Cash And Non-Cash Activities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Cash Paid For [Abstract] | |||
Interest Paid | $ 91,783 | $ 90,820 | $ 84,030 |
Income taxes | 712 | 816 | 550 |
Non-Cash Investing Activities [Abstract] | |||
Issuance of common units in connection with acquisitions | 265,639 | 1,530 | |
Liabilities incurred in connection with acquisitions | 481 | 4,312 | 2,035 |
Change in accruals for property, plant and equipment additions | 498 | 978 | 533 |
Ferrellgas, L.P. [Member] | |||
Cash Paid For [Abstract] | |||
Interest Paid | 76,085 | 75,121 | 68,334 |
Income taxes | 643 | 771 | 534 |
Non-Cash Investing Activities [Abstract] | |||
Issuance of common units in connection with acquisitions | 833,875 | 1,515 | |
Liabilities incurred in connection with acquisitions | 481 | 4,312 | 2,035 |
Change in accruals for property, plant and equipment additions | 498 | 978 | 533 |
Common Unitholders [Member] | |||
Non-Cash Investing Activities [Abstract] | |||
Issuance of common units in connection with acquisitions | 262,952 | 1,500 | 0 |
Common Unitholders [Member] | Ferrellgas, L.P. [Member] | |||
Non-Cash Investing Activities [Abstract] | |||
Issuance of common units in connection with acquisitions | $ 825,452 | $ 1,500 | $ 0 |
Summary Of Significant Accoun50
Summary Of Significant Accounting Policies (Summary Of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Current expense | $ (585) | $ 2,428 | $ 1,722 |
Deferred expense | 270 | 88 | 133 |
Income tax expense | (315) | 2,516 | 1,855 |
Ferrellgas, L.P. [Member] | |||
Current expense | (654) | 2,383 | 1,705 |
Deferred expense | 270 | 88 | 133 |
Income tax expense | $ (384) | $ 2,471 | $ 1,838 |
Summary Of Significant Accoun51
Summary Of Significant Accounting Policies (Deferred Taxes Assets And Liabilities) (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 |
Deferred tax assets | $ 724 | $ 1,152 |
Deferred tax liabilities | (4,157) | (4,313) |
Net deferred tax liability | (3,433) | (3,161) |
Ferrellgas, L.P. [Member] | ||
Deferred tax assets | 724 | 1,152 |
Deferred tax liabilities | (4,157) | (4,313) |
Net deferred tax liability | $ (3,433) | $ (3,161) |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Proceeds from equity offering, net of issuance costs | $ 181,008,000 | $ 50,000,000 | $ 0 |
Propane and related equipment sales [Member] | |||
Aggregate fair value of transactions | 7,731,000 | 38,661,000 | 39,221,000 |
Payments to Acquire Businesses, Gross | 4,250,000 | 34,219,000 | 37,186,000 |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 3,000,000 | 1,500,000 | 0 |
Issuance of liabilities and other costs and considerations | 481,000 | 2,942,000 | 2,035,000 |
Business Combination, Consideration Transferred | 7,731,000 | 38,661,000 | 39,221,000 |
Propane and related equipment sales [Member] | Ferrellgas, L.P. [Member] | |||
Aggregate fair value of transactions | 7,731,000 | 38,661,000 | 39,221,000 |
Payments to Acquire Businesses, Gross | 4,250,000 | 34,219,000 | 37,186,000 |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 3,000,000 | 1,500,000 | 0 |
Issuance of liabilities and other costs and considerations | 481,000 | 2,942,000 | 2,035,000 |
Business Combination, Consideration Transferred | 7,731,000 | 38,661,000 | 39,221,000 |
Midstream Operations - Water Solutions [Member] | |||
Aggregate fair value of transactions | 74,677,000 | 130,300,000 | |
Business Combination, Prior Period Adjustment, Working Capital | 1,400,000 | ||
Proceeds from equity offering, net of issuance costs | 50,000,000 | ||
Payments to Acquire Businesses, Gross | 74,677,000 | 127,785,000 | 0 |
Issuance of liabilities and other costs and considerations | 0 | 2,555,000 | 0 |
Business Combination, Consideration Transferred | 74,677,000 | 130,340,000 | 0 |
Midstream Operations - Water Solutions [Member] | Ferrellgas, L.P. [Member] | |||
Aggregate fair value of transactions | 74,677,000 | 130,340,000 | 0 |
Business Combination, Prior Period Adjustment, Working Capital | 1,400,000 | ||
Proceeds from equity offering, net of issuance costs | 50,000,000 | ||
Payments to Acquire Businesses, Gross | 74,677,000 | 127,785,000 | 0 |
Issuance of liabilities and other costs and considerations | 0 | 2,555,000 | 0 |
Business Combination, Consideration Transferred | 74,677,000 | 130,340,000 | $ 0 |
Midstream - Crude Oil Logistics [Member] | |||
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | 16,373,000 | 0 | |
Aggregate fair value of transactions | 822,452,000 | ||
Payments to Acquire Businesses, Gross | 560,000,000 | ||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 260,000,000 | ||
Issuance of liabilities and other costs and considerations | 2,500,000 | ||
Business Combination, Consideration Transferred | 822,500,000 | ||
Midstream - Crude Oil Logistics [Member] | Ferrellgas, L.P. [Member] | |||
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | 16,373,000 | $ 0 | |
Aggregate fair value of transactions | 822,452,000 | ||
Payments to Acquire Businesses, Gross | 560,000,000 | ||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 260,000,000 | ||
Issuance of liabilities and other costs and considerations | 2,500,000 | ||
Business Combination, Consideration Transferred | 822,500,000 | ||
Minimum [Member] | Midstream Operations - Water Solutions [Member] | |||
Potential Undiscounted Contingent Consideration Payments | 0 | ||
Minimum [Member] | Midstream Operations - Water Solutions [Member] | Ferrellgas, L.P. [Member] | |||
Potential Undiscounted Contingent Consideration Payments | 0 | ||
Maximum [Member] | Midstream Operations - Water Solutions [Member] | |||
Potential Undiscounted Contingent Consideration Payments | 2,000,000 | ||
Maximum [Member] | Midstream Operations - Water Solutions [Member] | Ferrellgas, L.P. [Member] | |||
Potential Undiscounted Contingent Consideration Payments | $ 2,000,000 |
Business Combinations (Schedule
Business Combinations (Schedule Of Funding Of Acquisitions) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Propane and related equipment sales [Member] | |||
Payments to Acquire Businesses, Gross | $ 4,250 | $ 34,219 | $ 37,186 |
Issuance of liabilities and other costs and considerations | 481 | 2,942 | 2,035 |
Common units, net of issuance cost | 3,000 | 1,500 | 0 |
Aggregate fair value of transactions | 7,731 | 38,661 | 39,221 |
Propane and related equipment sales [Member] | Ferrellgas, L.P. [Member] | |||
Payments to Acquire Businesses, Gross | 4,250 | 34,219 | 37,186 |
Issuance of liabilities and other costs and considerations | 481 | 2,942 | 2,035 |
Common units, net of issuance cost | 3,000 | 1,500 | 0 |
Aggregate fair value of transactions | 7,731 | 38,661 | 39,221 |
Midstream Operations - Water Solutions [Member] | |||
Payments to Acquire Businesses, Gross | 74,677 | 127,785 | 0 |
Issuance of liabilities and other costs and considerations | 0 | 2,555 | 0 |
Aggregate fair value of transactions | 74,677 | 130,340 | 0 |
Midstream Operations - Water Solutions [Member] | Ferrellgas, L.P. [Member] | |||
Payments to Acquire Businesses, Gross | 74,677 | 127,785 | 0 |
Issuance of liabilities and other costs and considerations | 0 | 2,555 | 0 |
Aggregate fair value of transactions | $ 74,677 | $ 130,340 | $ 0 |
Business Combinations (Aggregat
Business Combinations (Aggregate Fair Value) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Goodwill acquisitions | $ 205,670 | $ 19,879 | |
Ferrellgas, L.P. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Goodwill acquisitions | 205,670 | 19,879 | |
Propane and related equipment sales [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Working capital | 233 | $ 7,302 | |
Working capital | (919) | ||
Customer tanks, buildings, land, salt water disposal wells, and other | 236 | 14,519 | 5,155 |
Goodwill acquisitions | 0 | 2,922 | 4,640 |
Aggregate fair value of transactions | 7,731 | 38,661 | 39,221 |
Propane and related equipment sales [Member] | Ferrellgas, L.P. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Working capital | 233 | 7,302 | |
Working capital | (919) | ||
Customer tanks, buildings, land, salt water disposal wells, and other | 236 | 14,519 | 5,155 |
Goodwill acquisitions | 0 | 2,922 | 4,640 |
Trade names & trademarks | 0 | 0 | 3,291 |
Aggregate fair value of transactions | 7,731 | 38,661 | 39,221 |
Propane and related equipment sales [Member] | Customer Lists [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Amortized intangible assets acquired | 6,569 | 19,480 | 12,211 |
Propane and related equipment sales [Member] | Customer Lists [Member] | Ferrellgas, L.P. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Amortized intangible assets acquired | 6,569 | 19,480 | 12,211 |
Propane and related equipment sales [Member] | Non-Compete Agreements [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Amortized intangible assets acquired | 693 | 2,659 | 944 |
Propane and related equipment sales [Member] | Non-Compete Agreements [Member] | Ferrellgas, L.P. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Amortized intangible assets acquired | 693 | 2,659 | 944 |
Propane and related equipment sales [Member] | Other Intangible Assets [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Amortized intangible assets acquired | 0 | 0 | 5,678 |
Propane and related equipment sales [Member] | Other Intangible Assets [Member] | Ferrellgas, L.P. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Amortized intangible assets acquired | 0 | 0 | 5,678 |
Midstream - Crude Oil Logistics [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Working capital | 1,783 | ||
Goodwill acquisitions | 193,311 | 0 | |
Aggregate fair value of transactions | 822,452 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 2,375 | ||
Midstream - Crude Oil Logistics [Member] | Ferrellgas, L.P. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Working capital | 1,783 | ||
Goodwill acquisitions | 193,311 | 0 | |
Aggregate fair value of transactions | 822,452 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 2,375 | ||
Midstream - Crude Oil Logistics [Member] | Customer Lists [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Amortized intangible assets acquired | 261,811 | ||
Midstream - Crude Oil Logistics [Member] | Customer Lists [Member] | Ferrellgas, L.P. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Amortized intangible assets acquired | 261,811 | ||
Midstream - Crude Oil Logistics [Member] | Non-Compete Agreements [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Amortized intangible assets acquired | 14,800 | ||
Midstream - Crude Oil Logistics [Member] | Non-Compete Agreements [Member] | Ferrellgas, L.P. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Amortized intangible assets acquired | 14,800 | ||
Midstream Operations - Water Solutions [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Working capital | 1,155 | 490 | 0 |
Goodwill acquisitions | 12,359 | 16,957 | |
Aggregate fair value of transactions | 74,677 | 130,300 | |
Midstream Operations - Water Solutions [Member] | Ferrellgas, L.P. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Working capital | 1,155 | 490 | 0 |
Customer tanks, buildings, land, salt water disposal wells, and other | 1,704 | 622 | 0 |
Goodwill acquisitions | 12,359 | 16,957 | 0 |
Aggregate fair value of transactions | 74,677 | 130,340 | 0 |
Midstream Operations - Water Solutions [Member] | Customer Lists [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Amortized intangible assets acquired | 38,846 | 64,000 | 0 |
Midstream Operations - Water Solutions [Member] | Customer Lists [Member] | Ferrellgas, L.P. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Amortized intangible assets acquired | 38,846 | 64,000 | 0 |
Midstream Operations - Water Solutions [Member] | Non-Compete Agreements [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Amortized intangible assets acquired | 3,639 | 13,300 | 0 |
Midstream Operations - Water Solutions [Member] | Non-Compete Agreements [Member] | Ferrellgas, L.P. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Amortized intangible assets acquired | 3,639 | 13,300 | 0 |
Midstream Operations - Water Solutions [Member] | Permits and favorable lease arrangements [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Amortized intangible assets acquired | 6,269 | 10,683 | 0 |
Midstream Operations - Water Solutions [Member] | Permits and favorable lease arrangements [Member] | Ferrellgas, L.P. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Amortized intangible assets acquired | 6,269 | 10,683 | 0 |
Transportation Equipment [Member] | Midstream - Crude Oil Logistics [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Customer tanks, buildings, land, salt water disposal wells, and other | 293,491 | ||
Transportation Equipment [Member] | Midstream - Crude Oil Logistics [Member] | Ferrellgas, L.P. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Customer tanks, buildings, land, salt water disposal wells, and other | 293,491 | ||
Customer tanks, buildings, land and other [Member] | Midstream Operations - Water Solutions [Member] | Ferrellgas, L.P. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Customer tanks, buildings, land, salt water disposal wells, and other | 1,704 | 622 | 0 |
Salt water disposal wells [Member] | Midstream Operations - Water Solutions [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Customer tanks, buildings, land, salt water disposal wells, and other | 10,705 | 24,288 | 0 |
Salt water disposal wells [Member] | Midstream Operations - Water Solutions [Member] | Ferrellgas, L.P. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Customer tanks, buildings, land, salt water disposal wells, and other | 10,705 | 24,288 | 0 |
Goodwill acquisitions | 12,359 | 16,957 | 0 |
Injection Stations and Pipelines [Member] | Midstream - Crude Oil Logistics [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Customer tanks, buildings, land, salt water disposal wells, and other | 41,632 | ||
Injection Stations and Pipelines [Member] | Midstream - Crude Oil Logistics [Member] | Ferrellgas, L.P. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Customer tanks, buildings, land, salt water disposal wells, and other | 41,632 | ||
Computer And Office Equipment [Member] | Midstream - Crude Oil Logistics [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Customer tanks, buildings, land, salt water disposal wells, and other | 7,449 | ||
Computer And Office Equipment [Member] | Midstream - Crude Oil Logistics [Member] | Ferrellgas, L.P. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Customer tanks, buildings, land, salt water disposal wells, and other | 7,449 | ||
Trademarks and Trade Names [Member] | Propane and related equipment sales [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Trade names & trademarks | 0 | $ 0 | $ 3,291 |
Trademarks and Trade Names [Member] | Midstream - Crude Oil Logistics [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Trade names & trademarks | 5,800 | ||
Trademarks and Trade Names [Member] | Midstream - Crude Oil Logistics [Member] | Ferrellgas, L.P. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Trade names & trademarks | $ 5,800 |
Business Combinations Business
Business Combinations Business Combinations (Acquired Company Income Statement Impact) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Revenues | $ 2,024,390 | $ 2,405,860 | |
Operating Income (Loss) | 130,520 | 144,414 | $ 147,602 |
Midstream - Crude Oil Logistics [Member] | |||
Revenues | 81,512 | 0 | |
Operating Income (Loss) | 3,848 | ||
Ferrellgas, L.P. [Member] | |||
Revenues | 2,024,390 | 2,405,860 | |
Operating Income (Loss) | 130,624 | 144,391 | $ 147,622 |
Ferrellgas, L.P. [Member] | Midstream - Crude Oil Logistics [Member] | |||
Revenues | 81,512 | $ 0 | |
Operating Income (Loss) | $ 3,848 |
Business Combinations Busines56
Business Combinations Business Combinations (Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ (0.14) | $ 0.05 |
Business Acquisition, Pro Forma Net Income (Loss) | $ (11,834) | $ 4,388 |
Business Acquisition, Pro Forma Revenue | 2,319,927 | 2,583,680 |
Ferrellgas, L.P. [Member] | ||
Business Acquisition, Pro Forma Net Income (Loss) | 4,504 | 20,580 |
Business Acquisition, Pro Forma Revenue | $ 2,319,927 | $ 2,583,680 |
Quarterly Distributions Of Av57
Quarterly Distributions Of Available Cash (Details) | 12 Months Ended |
Jul. 31, 2015 | |
Maximum days after end of quarter to make distributions | 45 days |
Cash distributions available | 100.00% |
Ferrellgas, L.P. [Member] | |
Maximum days after end of quarter to make distributions | 45 days |
Cash distributions available | 100.00% |
Cash distributions to Ferrellgas Partners | 99.00% |
Cash distributions to general partner | 1.00% |
Supplemental Financial Statem58
Supplemental Financial Statement Information (Narrative) (Details) gal in Millions, $ in Millions | 12 Months Ended | ||
Jul. 31, 2015USD ($)gal | Jul. 31, 2014USD ($) | Jul. 31, 2013USD ($) | |
Contract term duration | 1 year | ||
Supply procurement contract duration | 36 months | ||
Net procurement of fixed priced propane by Ferrellgas in gallons | 80.5 | ||
Depreciation | $ | $ 61.3 | $ 58.3 | $ 59.3 |
Ferrellgas, L.P. [Member] | |||
Contract term duration | 1 year | ||
Net procurement of fixed priced propane by Ferrellgas in gallons | 80.5 | ||
Depreciation | $ | $ 61.3 | $ 58.3 | $ 59.3 |
Maximum [Member] | Ferrellgas, L.P. [Member] | |||
Supply procurement contract duration | 36 months |
Supplemental Financial Statem59
Supplemental Financial Statement Information (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 |
Propane gas and related products | $ 68,731 | $ 121,111 |
Appliances, parts and supplies | 28,023 | 24,858 |
Inventories | 96,754 | 145,969 |
Ferrellgas, L.P. [Member] | ||
Propane gas and related products | 68,731 | 121,111 |
Appliances, parts and supplies | 28,023 | 24,858 |
Inventories | $ 96,754 | $ 145,969 |
Supplemental Financial Statem60
Supplemental Financial Statement Information (Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,603,383 | $ 1,238,618 |
Less: accumulated depreciation | 638,166 | 626,831 |
Property, plant and equipment, net | 965,217 | 611,787 |
Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,603,383 | 1,238,618 |
Less: accumulated depreciation | 638,166 | 626,831 |
Property, plant and equipment, net | $ 965,217 | 611,787 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | Indefinite | |
Property, plant and equipment, gross | $ 34,389 | 31,890 |
Land [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | Indefinite | |
Property, plant and equipment, gross | $ 34,389 | 31,890 |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 13,249 | 12,812 |
Land Improvements [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 13,249 | 12,812 |
Buildings And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 20 years | |
Property, plant and equipment, gross | $ 71,923 | 68,492 |
Buildings And Improvements [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 20 years | |
Property, plant and equipment, gross | $ 71,923 | 68,492 |
Vehicles, Including Transport Trailers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 228,646 | 95,701 |
Vehicles, Including Transport Trailers [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 228,646 | 95,701 |
Bulk Equipment And District Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 111,657 | 109,739 |
Bulk Equipment And District Facilities [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 111,657 | 109,739 |
Tanks, Cylinders And Customer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 772,904 | 772,402 |
Tanks, Cylinders And Customer Equipment [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 772,904 | 772,402 |
Salt water disposal wells [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 38,460 | 24,288 |
Salt water disposal wells [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 38,460 | 24,288 |
Rail cars [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 30 years | |
Property, plant and equipment, gross | $ 150,235 | 0 |
Rail cars [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 30 years | |
Property, plant and equipment, gross | $ 150,235 | 0 |
Computer And Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 123,386 | 116,265 |
Computer And Office Equipment [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 123,386 | 116,265 |
Injection stations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 20 years | |
Property, plant and equipment, gross | $ 37,619 | 0 |
Injection stations [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 20 years | |
Property, plant and equipment, gross | $ 37,619 | 0 |
Construction In Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 16,841 | 7,029 |
Construction In Progress [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 16,841 | 7,029 |
Pipelines [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 15 years | |
Property, plant and equipment, gross | $ 4,074 | 0 |
Pipelines [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 15 years | |
Property, plant and equipment, gross | $ 4,074 | $ 0 |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Minimum [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Minimum [Member] | Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Minimum [Member] | Land Improvements [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Minimum [Member] | Vehicles, Including Transport Trailers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 8 years | |
Minimum [Member] | Vehicles, Including Transport Trailers [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 8 years | |
Minimum [Member] | Bulk Equipment And District Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 5 years | |
Minimum [Member] | Bulk Equipment And District Facilities [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 5 years | |
Minimum [Member] | Tanks, Cylinders And Customer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Minimum [Member] | Tanks, Cylinders And Customer Equipment [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Minimum [Member] | Salt water disposal wells [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Minimum [Member] | Salt water disposal wells [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Minimum [Member] | Computer And Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Minimum [Member] | Computer And Office Equipment [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 30 years | |
Maximum [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 30 years | |
Maximum [Member] | Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 20 years | |
Maximum [Member] | Land Improvements [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 20 years | |
Maximum [Member] | Vehicles, Including Transport Trailers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 20 years | |
Maximum [Member] | Vehicles, Including Transport Trailers [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 20 years | |
Maximum [Member] | Bulk Equipment And District Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 30 years | |
Maximum [Member] | Bulk Equipment And District Facilities [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 30 years | |
Maximum [Member] | Tanks, Cylinders And Customer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 30 years | |
Maximum [Member] | Tanks, Cylinders And Customer Equipment [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 30 years | |
Maximum [Member] | Salt water disposal wells [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 23 years | |
Maximum [Member] | Salt water disposal wells [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 23 years | |
Maximum [Member] | Computer And Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 5 years | |
Maximum [Member] | Computer And Office Equipment [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 5 years |
Supplemental Financial Statem61
Supplemental Financial Statement Information (Other Current Liabilities) (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 |
Accrued interest | $ 17,281 | $ 12,182 |
Accrued payroll | 17,485 | 37,120 |
Customer deposits and advances | 28,792 | 25,412 |
Derivative Liability, Current | 31,450 | 83 |
Other | 85,679 | 50,364 |
Other current liabilities | 180,687 | 125,161 |
Ferrellgas, L.P. [Member] | ||
Accrued interest | 15,275 | 10,176 |
Accrued payroll | 17,485 | 37,120 |
Customer deposits and advances | 28,792 | 25,412 |
Derivative Liability, Current | 31,450 | 83 |
Other | 83,174 | 50,362 |
Other current liabilities | $ 176,176 | $ 123,153 |
Supplemental Financial Statem62
Supplemental Financial Statement Information (Shipping And Handling Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Shipping and handling expenses | $ 201,899 | $ 212,635 | $ 201,704 |
Ferrellgas, L.P. [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Shipping and handling expenses | 201,899 | 212,635 | 201,704 |
Operating Expense [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Shipping and handling expenses | 174,105 | 190,999 | 181,932 |
Operating Expense [Member] | Ferrellgas, L.P. [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Shipping and handling expenses | 174,105 | 190,999 | 181,932 |
Depreciation And Amortization Expense [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Shipping and handling expenses | 5,127 | 5,829 | 5,744 |
Depreciation And Amortization Expense [Member] | Ferrellgas, L.P. [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Shipping and handling expenses | 5,127 | 5,829 | 5,744 |
Equipment Lease Expense [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Shipping and handling expenses | 22,667 | 15,807 | 14,028 |
Equipment Lease Expense [Member] | Ferrellgas, L.P. [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Shipping and handling expenses | $ 22,667 | $ 15,807 | $ 14,028 |
Accounts And Notes Receivable63
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Narrative) (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | $ 123,791,000 | $ 159,003,000 |
Ferrellgas, L.P. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | 123,791,000 | 159,003,000 |
Accounts Receivable Securitization [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable securitization program, maximum capacity | $ 225,000,000 | |
Accounts receivable securitization program, maturity date | Jan. 19, 2017 | |
Accounts receivable pledged as collateral | $ 123,800,000 | 159,000,000 |
Available proceeds from additional trade accounts receivable | $ 0 | $ 0 |
Weighted average discount rate to value the retained interest in the transferred receivables | 2.30% | 2.10% |
Note payable | $ 70,000,000 | $ 91,000,000 |
Proceeds from Accounts Receivable Securitization | 70,000,000 | 91,000,000 |
Accounts Receivable Securitization [Member] | Ferrellgas, L.P. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable securitization program, maximum capacity | $ 225,000,000 | |
Accounts receivable securitization program, maturity date | Jan. 19, 2017 | |
Accounts receivable pledged as collateral | $ 123,800,000 | 159,000,000 |
Available proceeds from additional trade accounts receivable | $ 0 | $ 0 |
Weighted average discount rate to value the retained interest in the transferred receivables | 2.30% | 2.10% |
Note payable | $ 70,000,000 | $ 91,000,000 |
Proceeds from Accounts Receivable Securitization | 70,000,000 | $ 91,000,000 |
January, February, March, And December [Member] | Maximum [Member] | Accounts Receivable Securitization [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Proceeds from Accounts Receivable Securitization | 225,000,000 | |
January, February, March, And December [Member] | Maximum [Member] | Accounts Receivable Securitization [Member] | Ferrellgas, L.P. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Proceeds from Accounts Receivable Securitization | 225,000,000 | |
April And May [Member] | Maximum [Member] | Accounts Receivable Securitization [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Proceeds from Accounts Receivable Securitization | 175,000,000 | |
April And May [Member] | Maximum [Member] | Accounts Receivable Securitization [Member] | Ferrellgas, L.P. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Proceeds from Accounts Receivable Securitization | 175,000,000 | |
All Other Months [Member] | Maximum [Member] | Accounts Receivable Securitization [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Proceeds from Accounts Receivable Securitization | 145,000,000 | |
All Other Months [Member] | Maximum [Member] | Accounts Receivable Securitization [Member] | Ferrellgas, L.P. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Proceeds from Accounts Receivable Securitization | $ 145,000,000 |
Accounts And Notes Receivable64
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Accounts And Notes Receivable) (Details) - USD ($) | Jul. 31, 2015 | Jul. 31, 2014 |
Accounts receivable pledged as collateral | $ 123,791,000 | $ 159,003,000 |
Accounts receivable | 77,636,000 | 24,108,000 |
Other | 307,000 | 247,000 |
Less: Allowance for doubtful accounts | (4,816,000) | (4,756,000) |
Accounts and notes receivable, net | 196,918,000 | 178,602,000 |
Ferrellgas, L.P. [Member] | ||
Accounts receivable pledged as collateral | 123,791,000 | 159,003,000 |
Accounts receivable | 77,636,000 | 24,108,000 |
Other | 307,000 | 247,000 |
Less: Allowance for doubtful accounts | (4,816,000) | (4,756,000) |
Accounts and notes receivable, net | $ 196,918,000 | $ 178,602,000 |
Goodwill And Intangible Asset65
Goodwill And Intangible Assets, Net (Narrative) (Details) | 12 Months Ended |
Jul. 31, 2015 | |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 2 years |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 15 years |
Customer Lists [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset, weighted average useful life | 11 years |
Customer Lists [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 12 years |
Customer Lists [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 15 years |
Permits and favorable lease arrangements [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset, weighted average useful life | 14 years |
Non-Compete Agreements [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset, weighted average useful life | 6 years |
Other Intangible Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset, weighted average useful life | 5 years |
Non Compete Agreements And Other Intangible Assets [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 2 years |
Non Compete Agreements And Other Intangible Assets [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 10 years |
Ferrellgas, L.P. [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 2 years |
Ferrellgas, L.P. [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 15 years |
Ferrellgas, L.P. [Member] | Customer Lists [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 15 years |
Intangible asset, weighted average useful life | 11 years |
Ferrellgas, L.P. [Member] | Customer Lists [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 12 years |
Ferrellgas, L.P. [Member] | Customer Lists [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 15 years |
Ferrellgas, L.P. [Member] | Permits and favorable lease arrangements [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset, weighted average useful life | 14 years |
Ferrellgas, L.P. [Member] | Non-Compete Agreements [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset, weighted average useful life | 6 years |
Ferrellgas, L.P. [Member] | Other Intangible Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset, weighted average useful life | 5 years |
Ferrellgas, L.P. [Member] | Non Compete Agreements And Other Intangible Assets [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 2 years |
Ferrellgas, L.P. [Member] | Non Compete Agreements And Other Intangible Assets [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 10 years |
Goodwill And Intangible Asset66
Goodwill And Intangible Assets, Net (Goodwill And Intangible Assets, Net) (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 |
Goodwill, gross carrying amount | $ 478,747 | $ 273,210 |
Goodwill, net | 478,747 | 273,210 |
Amortizable intangible assets, gross carrying amount | 886,967 | 583,893 |
Amortizable intangible assets, accumulated amortization | (375,119) | (370,108) |
Amortizable intangible assets, net | 511,848 | 213,785 |
Intangible assets gross excluding goodwill | 955,162 | 646,279 |
Intangible assets amortization and impairment net excluding goodwill | (375,119) | (370,108) |
Intangible assets net excluding goodwill | 580,043 | 276,171 |
Ferrellgas, L.P. [Member] | ||
Goodwill, gross carrying amount | 478,747 | 273,210 |
Goodwill, net | 478,747 | 273,210 |
Amortizable intangible assets, gross carrying amount | 886,967 | 583,893 |
Amortizable intangible assets, accumulated amortization | (375,119) | (370,108) |
Amortizable intangible assets, net | 511,848 | 213,785 |
Intangible assets gross excluding goodwill | 955,162 | 646,279 |
Intangible assets amortization and impairment net excluding goodwill | (375,119) | (370,108) |
Intangible assets net excluding goodwill | 580,043 | 276,171 |
Trade Names And Trademarks [Member] | ||
Indefinite-lived intangible assets (excluding goodwill) | 68,195 | 62,386 |
Trade Names And Trademarks [Member] | Ferrellgas, L.P. [Member] | ||
Indefinite-lived intangible assets (excluding goodwill) | 68,195 | 62,386 |
Customer Lists [Member] | ||
Amortizable intangible assets, gross carrying amount | 807,122 | 500,100 |
Amortizable intangible assets, accumulated amortization | (349,719) | (322,277) |
Amortizable intangible assets, net | 457,403 | 177,823 |
Customer Lists [Member] | Ferrellgas, L.P. [Member] | ||
Amortizable intangible assets, gross carrying amount | 807,122 | 500,100 |
Amortizable intangible assets, accumulated amortization | (349,719) | (322,277) |
Amortizable intangible assets, net | 457,403 | 177,823 |
Non-Compete Agreements [Member] | ||
Amortizable intangible assets, gross carrying amount | 53,711 | 63,933 |
Amortizable intangible assets, accumulated amortization | (18,730) | (43,120) |
Amortizable intangible assets, net | 34,981 | 20,813 |
Non-Compete Agreements [Member] | Ferrellgas, L.P. [Member] | ||
Amortizable intangible assets, gross carrying amount | 53,711 | 63,933 |
Amortizable intangible assets, accumulated amortization | (18,730) | (43,120) |
Amortizable intangible assets, net | 34,981 | 20,813 |
Permits and favorable lease arrangements [Member] | ||
Amortizable intangible assets, gross carrying amount | 16,952 | 10,683 |
Amortizable intangible assets, accumulated amortization | (1,173) | (119) |
Amortizable intangible assets, net | 15,779 | 10,564 |
Permits and favorable lease arrangements [Member] | Ferrellgas, L.P. [Member] | ||
Amortizable intangible assets, gross carrying amount | 16,952 | 10,683 |
Amortizable intangible assets, accumulated amortization | (1,173) | (119) |
Amortizable intangible assets, net | 15,779 | 10,564 |
Other Intangible Assets [Member] | ||
Amortizable intangible assets, gross carrying amount | 9,182 | 9,177 |
Amortizable intangible assets, accumulated amortization | (5,497) | (4,592) |
Amortizable intangible assets, net | 3,685 | 4,585 |
Other Intangible Assets [Member] | Ferrellgas, L.P. [Member] | ||
Amortizable intangible assets, gross carrying amount | 9,182 | 9,177 |
Amortizable intangible assets, accumulated amortization | (5,497) | (4,592) |
Amortizable intangible assets, net | $ 3,685 | $ 4,585 |
Goodwill And Intangible Asset67
Goodwill And Intangible Assets, Net Goodwill And Intangible Assets, Net (Goodwill Rollforward) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | $ 273,210 | ||
Goodwill acquisitions | 205,670 | $ 19,879 | |
Other | (133) | (31) | |
Goodwill, ending balance | 478,747 | 273,210 | |
Ferrellgas, L.P. [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 273,210 | ||
Goodwill acquisitions | 205,670 | 19,879 | |
Other | (133) | (31) | |
Goodwill, ending balance | 478,747 | 273,210 | |
Propane and related equipment sales [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 256,253 | 253,362 | |
Goodwill acquisitions | 0 | 2,922 | $ 4,640 |
Other | (133) | (31) | |
Goodwill, ending balance | 256,120 | 256,253 | 253,362 |
Propane and related equipment sales [Member] | Ferrellgas, L.P. [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 256,253 | 253,362 | |
Goodwill acquisitions | 0 | 2,922 | 4,640 |
Other | (133) | (31) | |
Goodwill, ending balance | 256,120 | 256,253 | 253,362 |
Midstream Operations - Water Solutions [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 16,957 | 0 | |
Goodwill acquisitions | 12,359 | 16,957 | |
Other | 0 | 0 | |
Goodwill, ending balance | 29,316 | 16,957 | 0 |
Midstream Operations - Water Solutions [Member] | Ferrellgas, L.P. [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 16,957 | 0 | |
Goodwill acquisitions | 12,359 | 16,957 | 0 |
Other | 0 | 0 | |
Goodwill, ending balance | 29,316 | 16,957 | 0 |
Midstream - Crude Oil Logistics [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 0 | 0 | |
Goodwill acquisitions | 193,311 | 0 | |
Other | 0 | 0 | |
Goodwill, ending balance | 193,311 | 0 | 0 |
Midstream - Crude Oil Logistics [Member] | Ferrellgas, L.P. [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 0 | 0 | |
Goodwill acquisitions | 193,311 | 0 | |
Other | 0 | 0 | |
Goodwill, ending balance | $ 193,311 | $ 0 | $ 0 |
Goodwill And Intangible Asset68
Goodwill And Intangible Assets, Net (Aggregate Amortization Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Aggregate amortization expense | $ 34,585 | $ 23,490 | $ 21,725 |
Ferrellgas, L.P. [Member] | |||
Aggregate amortization expense | $ 34,585 | $ 23,490 | $ 21,725 |
Goodwill And Intangible Asset69
Goodwill And Intangible Assets, Net (Estimated Amortization Expense) (Details) $ in Thousands | Jul. 31, 2015USD ($) |
2,015 | $ 61,788 |
2,016 | 61,212 |
2,017 | 57,546 |
2,018 | 51,297 |
2,019 | 45,588 |
Ferrellgas, L.P. [Member] | |
2,015 | 61,788 |
2,016 | 61,212 |
2,017 | 57,546 |
2,018 | 51,297 |
2,019 | $ 45,588 |
Debt (Short-Term Borrowings Nar
Debt (Short-Term Borrowings Narrative) (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 |
Short-term borrowings | $ 75,319 | $ 69,519 |
Ferrellgas, L.P. [Member] | ||
Short-term borrowings | $ 75,319 | $ 69,519 |
Debt (Components Of Long-Term D
Debt (Components Of Long-Term Debt) (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Total long-term debt | $ 1,808,044,000 | $ 1,295,837,000 | |
Less: current portion, included in other current liabilities on the consolidated balance sheets | 3,652,000 | 3,623,000 | |
Long-term debt | 1,804,392,000 | 1,292,214,000 | |
Short-term borrowings | 75,319,000 | 69,519,000 | |
Interest Paid | 91,783,000 | 90,820,000 | $ 84,030,000 |
Ferrellgas, L.P. [Member] | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Total long-term debt | 1,626,044,000 | 1,113,837,000 | |
Less: current portion, included in other current liabilities on the consolidated balance sheets | 3,652,000 | 3,623,000 | |
Long-term debt | 1,622,392,000 | 1,110,214,000 | |
Short-term borrowings | 75,319,000 | 69,519,000 | |
Interest Paid | 76,085,000 | 75,121,000 | $ 68,334,000 |
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Senior notes | 500,000,000 | 0 | |
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | Ferrellgas, L.P. [Member] | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Senior notes | $ 500,000,000 | 0 | |
Fixed Rate Nine Point One Two Five Percentage Due Two Thousand Seventeen [Member] | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Debt instrument, fixed interest rate | 9.125% | ||
Debt instrument, maturity year | 2,017 | ||
Unamortized discount | $ 0 | 0 | |
Fixed Rate Nine Point One Two Five Percentage Due Two Thousand Seventeen [Member] | Ferrellgas, L.P. [Member] | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Debt instrument, fixed interest rate | 9.125% | ||
Debt instrument, maturity year | 2,017 | ||
Unamortized discount | $ 0 | 0 | |
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Senior notes | $ 500,000,000 | 500,000,000 | |
Debt instrument, fixed interest rate | 6.50% | ||
Debt instrument, maturity year | 2,021 | ||
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | Ferrellgas, L.P. [Member] | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Senior notes | $ 500,000,000 | 500,000,000 | |
Debt instrument, fixed interest rate | 6.50% | ||
Debt instrument, maturity year | 2,021 | ||
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Domain] | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Senior notes | $ 479,906,000 | 480,863,000 | |
Debt instrument, fixed interest rate | 6.75% | ||
Debt Instrument, Maturity Date | Nov. 1, 2022 | ||
Debt Instrument, Unamortized Premium | $ 4,906,000 | 5,863,000 | |
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Domain] | Ferrellgas, L.P. [Member] | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Senior notes | $ 479,906,000 | 480,863,000 | |
Debt instrument, fixed interest rate | 6.75% | ||
Debt Instrument, Maturity Date | Nov. 1, 2022 | ||
Debt Instrument, Unamortized Premium | $ 4,906,000 | 5,863,000 | |
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Senior notes | $ 182,000,000 | 182,000,000 | |
Debt instrument, fixed interest rate | 8.625% | ||
Debt instrument, maturity year | 2,020 | ||
Interest Rate Swap [Member] | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Senior notes | $ 876,000 | (2,534,000) | |
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Senior notes | 876,000 | (2,534,000) | |
Secured Credit Facility [Member] | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Line of credit facility | $ 136,081,000 | 123,781,000 | |
Debt Instrument, Maturity Date | Oct. 1, 2018 | ||
Long-term Line of Credit | $ 211,400,000 | 193,300,000 | |
Other Long-term Debt, Noncurrent | $ 136,100,000 | 123,800,000 | |
Debt instrument, maturity year | 2,018 | ||
Short-term borrowings | $ 75,319,000 | $ 69,519,000 | |
Weighted average interest rate of debt | 3.50% | 3.40% | |
Write off of Deferred Debt Issuance Cost | $ 300,000 | ||
Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Line of credit facility | $ 136,081,000 | $ 123,781,000 | |
Debt Instrument, Maturity Date | Oct. 1, 2018 | ||
Long-term Line of Credit | $ 211,400,000 | 193,300,000 | |
Other Long-term Debt, Noncurrent | $ 136,100,000 | 123,800,000 | |
Debt instrument, maturity year | 2,018 | ||
Short-term borrowings | $ 75,319,000 | $ 69,519,000 | |
Weighted average interest rate of debt | 3.50% | 3.40% | |
Write off of Deferred Debt Issuance Cost | $ 300,000 | ||
Notes Payable [Member] | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Notes payable | 9,181,000 | $ 11,727,000 | |
Unamortized discount | $ 1,914,000 | $ 2,239,000 | |
Weighted average interest rate of debt | 9.50% | 8.80% | |
Long-term debt, Notes payable due start | 2,015 | ||
Long-term debt, Notes payable due end | 2,022 | ||
Notes Payable [Member] | Ferrellgas, L.P. [Member] | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Notes payable | $ 9,181,000 | $ 11,727,000 | |
Unamortized discount | $ 1,914,000 | $ 2,392,000 | |
Weighted average interest rate of debt | 9.50% | 8.80% | |
Long-term debt, Notes payable due start | 2,015 | ||
Long-term debt, Notes payable due end | 2,022 | ||
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Debt Instrument, Issuance Date | Apr. 13, 2010 | ||
Debt Instrument, Face Amount | $ 280,000,000 | ||
Debt Instrument, Frequency of Periodic Payment | semi-annually | ||
Debt instrument prepayment penalty prior to date | 2,018 | ||
Debt Instrument, Principal Amount Redeemed | $ 98,000,000 | ||
Fixed Rate Nine Point One Two Five Percentage Due Two Thousand Seventeen [Member] | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Derivative, Cost of Hedge | $ 200,000 | ||
Debt Instrument, Issuance Date | Jun. 6, 2014 | ||
Debt Instrument, Face Amount | $ 150,000,000 | ||
Debt instrument, fixed interest rate | 9.125% | ||
Debt Instrument, Maturity Date | Oct. 1, 2017 | ||
Debt Instrument, Repurchased Face Amount | $ 300,000,000 | ||
Payments of Debt Extinguishment Costs | 14,700,000 | ||
Interest Paid | 3,300,000 | ||
Write off of Deferred Debt Issuance Cost | 6,000,000 | ||
Fixed Rate Nine Point One Two Five Percentage Due Two Thousand Seventeen [Member] | Ferrellgas, L.P. [Member] | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Derivative, Cost of Hedge | $ 200,000 | ||
Debt Instrument, Issuance Date | Jun. 6, 2014 | ||
Debt Instrument, Face Amount | $ 150,000,000 | ||
Debt instrument, fixed interest rate | 9.125% | ||
Debt Instrument, Maturity Date | Oct. 1, 2017 | ||
Debt Instrument, Repurchased Face Amount | $ 300,000,000 | ||
Payments of Debt Extinguishment Costs | 14,700,000 | ||
Interest Paid | 3,300,000 | ||
Write off of Deferred Debt Issuance Cost | $ 6,000,000 | ||
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Domain] | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Debt Instrument, Issuance Date | Nov. 4, 2013 | ||
Debt Instrument, Face Amount | $ 325,000,000 | ||
Debt instrument, fixed interest rate | 6.75% | ||
Debt Instrument, Maturity Date | Nov. 1, 2022 | ||
Proceeds from Issuance of Unsecured Debt | $ 319,300,000 | ||
Debt issued premium, percent of par | 104.00% | ||
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Domain] | Ferrellgas, L.P. [Member] | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Debt Instrument, Issuance Date | Nov. 4, 2013 | ||
Debt Instrument, Face Amount | $ 325,000,000 | ||
Debt instrument, fixed interest rate | 6.75% | ||
Debt Instrument, Maturity Date | Nov. 1, 2022 | ||
Proceeds from Issuance of Unsecured Debt | $ 319,300,000 | ||
Debt issued premium, percent of par | 104.00% | ||
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Debt Instrument, Issuance Date | Nov. 6, 2010 | ||
Debt Instrument, Face Amount | $ 500,000,000 | ||
Debt instrument, fixed interest rate | 6.50% | ||
Debt Instrument, Frequency of Periodic Payment | semi-annually | ||
Debt Instrument, Maturity Date | May 1, 2021 | ||
Debt instrument prepayment penalty prior to date | 2,019 | ||
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | Ferrellgas, L.P. [Member] | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Debt Instrument, Issuance Date | Nov. 6, 2010 | ||
Debt Instrument, Face Amount | $ 500,000,000 | ||
Debt instrument, fixed interest rate | 6.50% | ||
Debt Instrument, Frequency of Periodic Payment | semi-annually | ||
Debt Instrument, Maturity Date | May 1, 2021 | ||
Debt instrument prepayment penalty prior to date | 2,019 | ||
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Debt Instrument, Face Amount | $ 500,000,000 | ||
Debt instrument, fixed interest rate | 6.75% | ||
Debt Instrument, Maturity Date | Jun. 1, 2023 | ||
Proceeds from Debt, Net of Issuance Costs | $ 491,300,000 | ||
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | Ferrellgas, L.P. [Member] | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Debt Instrument, Face Amount | $ 500,000,000 | ||
Debt instrument, fixed interest rate | 6.75% | ||
Debt Instrument, Maturity Date | Jun. 1, 2023 | ||
Proceeds from Debt, Net of Issuance Costs | $ 491,300,000 |
Debt (Senior Notes Narrative) (
Debt (Senior Notes Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Interest Paid | $ 91,783,000 | $ 90,820,000 | $ 84,030,000 |
Ferrellgas, L.P. [Member] | |||
Interest Paid | $ 76,085,000 | $ 75,121,000 | $ 68,334,000 |
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Domain] | |||
Senior note, issuance date | Nov. 4, 2013 | ||
Debt instrument, face amount | $ 325,000,000 | ||
Interest rate | 6.75% | ||
Proceeds from issuance of unsecured debt | $ 319,300,000 | ||
Debt Instrument, Maturity Date | Nov. 1, 2022 | ||
Debt issued premium, percent of par | 104.00% | ||
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Domain] | Ferrellgas, L.P. [Member] | |||
Senior note, issuance date | Nov. 4, 2013 | ||
Debt instrument, face amount | $ 325,000,000 | ||
Interest rate | 6.75% | ||
Proceeds from issuance of unsecured debt | $ 319,300,000 | ||
Debt Instrument, Maturity Date | Nov. 1, 2022 | ||
Debt issued premium, percent of par | 104.00% | ||
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | |||
Senior note, issuance date | Nov. 6, 2010 | ||
Debt instrument, face amount | $ 500,000,000 | ||
Interest rate | 6.50% | ||
Debt Instrument, Frequency of Periodic Payment | semi-annually | ||
Debt Instrument, Maturity Date | May 1, 2021 | ||
Debt instrument prepayment penalty prior to date | 2,019 | ||
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | Ferrellgas, L.P. [Member] | |||
Senior note, issuance date | Nov. 6, 2010 | ||
Debt instrument, face amount | $ 500,000,000 | ||
Interest rate | 6.50% | ||
Debt Instrument, Frequency of Periodic Payment | semi-annually | ||
Debt Instrument, Maturity Date | May 1, 2021 | ||
Debt instrument prepayment penalty prior to date | 2,019 | ||
Fixed Rate Nine Point One Two Five Percentage Due Two Thousand Seventeen [Member] | |||
Senior note, issuance date | Jun. 6, 2014 | ||
Debt instrument, face amount | $ 150,000,000 | ||
Interest rate | 9.125% | ||
Debt Instrument, Maturity Date | Oct. 1, 2017 | ||
Write-offs of unamortized discount on debt | $ 6,000,000 | ||
Debt Instrument, Repurchased Face Amount | 300,000,000 | ||
Payments of Debt Extinguishment Costs | 14,700,000 | ||
Interest Paid | $ 3,300,000 | ||
Fixed Rate Nine Point One Two Five Percentage Due Two Thousand Seventeen [Member] | Ferrellgas, L.P. [Member] | |||
Senior note, issuance date | Jun. 6, 2014 | ||
Debt instrument, face amount | $ 150,000,000 | ||
Interest rate | 9.125% | ||
Debt Instrument, Maturity Date | Oct. 1, 2017 | ||
Write-offs of unamortized discount on debt | $ 6,000,000 | ||
Debt Instrument, Repurchased Face Amount | 300,000,000 | ||
Payments of Debt Extinguishment Costs | 14,700,000 | ||
Interest Paid | $ 3,300,000 | ||
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | |||
Senior note, issuance date | Apr. 13, 2010 | ||
Debt instrument, face amount | $ 280,000,000 | ||
Debt Instrument, Principal Amount Redeemed | $ 98,000,000 | ||
Debt Instrument, Frequency of Periodic Payment | semi-annually | ||
Debt instrument prepayment penalty prior to date | 2,018 |
Debt (Secured Credit Facility N
Debt (Secured Credit Facility Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | Jan. 31, 2015 | |
Debt Instrument [Line Items] | ||||
Letters of credit outstanding | $ 61.2 | $ 56.3 | ||
Letter of credit facility, remaining capacity | 138.8 | 143.7 | ||
Line of credit facility, commitment fee | 1.5 | 1.2 | $ 0.9 | |
Ferrellgas, L.P. [Member] | ||||
Debt Instrument [Line Items] | ||||
Letters of credit outstanding | 61.2 | 56.3 | ||
Letter of credit facility, remaining capacity | 138.8 | 143.7 | ||
Line of credit facility, commitment fee | 1.5 | 1.2 | $ 0.9 | |
Letter Of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured line of credit facility | 200 | |||
Letter Of Credit [Member] | Ferrellgas, L.P. [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured line of credit facility | $ 200 | |||
Secured Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Maturity Date | Oct. 1, 2018 | |||
Secured line of credit facility | $ 600 | 400 | $ 500 | |
Debt Instrument, Interest Rate, Increase (Decrease) | 0.25% | |||
Write off of Deferred Debt Issuance Cost | $ 0.3 | |||
Total borrowings outstanding, line of credit facility | 211.4 | 193.3 | ||
Amount classified as long-term debt | $ 136.1 | $ 123.8 | ||
Weighted average interest rate of debt | 3.50% | 3.40% | ||
Debt instrument, basis spread rate | 1.50% | 1.25% | ||
Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Maturity Date | Oct. 1, 2018 | |||
Secured line of credit facility | $ 600 | $ 400 | $ 500 | |
Debt Instrument, Interest Rate, Increase (Decrease) | 0.25% | |||
Write off of Deferred Debt Issuance Cost | $ 0.3 | |||
Total borrowings outstanding, line of credit facility | 211.4 | 193.3 | ||
Amount classified as long-term debt | $ 136.1 | $ 123.8 | ||
Weighted average interest rate of debt | 3.50% | 3.40% | ||
Debt instrument, basis spread rate | 1.50% | 1.25% | ||
Federal Funds Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility interest rate | 0.14% | 0.09% | ||
Federal Funds Rate [Member] | Ferrellgas, L.P. [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility interest rate | 0.14% | 0.09% | ||
Federal Funds Rate [Member] | Secured Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread rate | 0.50% | |||
Federal Funds Rate [Member] | Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread rate | 0.50% | |||
Eurodollar Rate Loan [Member] | Secured Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread rate | 1.00% | |||
Eurodollar Rate Loan [Member] | Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread rate | 1.00% | |||
Euro Rate [Member] | Secured Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread rate | 2.50% | 2.25% | ||
Euro Rate [Member] | Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread rate | 2.50% | 2.25% | ||
Bank Of America's Prime Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility interest rate | 3.25% | 3.25% | ||
Bank Of America's Prime Rate [Member] | Ferrellgas, L.P. [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility interest rate | 3.25% | 3.25% | ||
One Month Eurodollar Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility interest rate | 0.19% | 0.17% | ||
One Month Eurodollar Rate [Member] | Ferrellgas, L.P. [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility interest rate | 0.19% | 0.17% | ||
Three-Month Eurodollar Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility interest rate | 0.33% | 0.24% | ||
Three-Month Eurodollar Rate [Member] | Ferrellgas, L.P. [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility interest rate | 0.33% | 0.24% | ||
Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Commitment fee payable rate | 0.35% | |||
Minimum [Member] | Ferrellgas, L.P. [Member] | ||||
Debt Instrument [Line Items] | ||||
Commitment fee payable rate | 0.35% | |||
Minimum [Member] | Secured Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread rate | 0.75% | |||
Minimum [Member] | Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread rate | 0.75% | |||
Minimum [Member] | Euro Rate [Member] | Secured Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread rate | 1.75% | |||
Minimum [Member] | Euro Rate [Member] | Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread rate | 1.75% | |||
Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Commitment fee payable rate | 0.50% | |||
Maximum [Member] | Ferrellgas, L.P. [Member] | ||||
Debt Instrument [Line Items] | ||||
Commitment fee payable rate | 0.50% | |||
Maximum [Member] | Secured Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread rate | 1.75% | |||
Maximum [Member] | Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread rate | 1.75% | |||
Maximum [Member] | Euro Rate [Member] | Secured Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread rate | 2.75% | |||
Maximum [Member] | Euro Rate [Member] | Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread rate | 2.75% |
Debt (Interest Rate Swaps Narra
Debt (Interest Rate Swaps Narrative) (Details) | 12 Months Ended |
Jul. 31, 2015USD ($) | |
Secured Credit Facility And Collateralized Note Payables [Member] | |
Debt Instrument [Line Items] | |
Interest rate derivative inception date | May 2,012 |
Derivative, Description of Hedged Item | forecasted interest payments on Ferrellgas’ secured credit facility and collateralized note payable borrowings |
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | |
Debt Instrument [Line Items] | |
Derivative, Description of Hedged Item | $500.0 million 6.5% fixed rate senior notes due 2021 |
Derivative, Notional Amount | $ 140,000,000 |
Derivative, Fixed Interest Rate | 6.50% |
Interest rate plus one-month LIBOR | 4.715% |
Derivative, Inception Date | May 7, 2012 |
Fixed Rate Nine Point One Two Five Percentage Due Two Thousand Seventeen [Member] | |
Debt Instrument [Line Items] | |
Derivative, Description of Hedged Item | $300.0 million 9.125% fixed rate senior notes due 2017 |
Derivative, Notional Amount | $ 140,000,000 |
Derivative, Fixed Interest Rate | 9.125% |
Interest rate plus one-month LIBOR | 7.96% |
Derivative, Cost of Hedge | $ 200,000 |
Derivative, Inception Date | May 7, 2012 |
Ferrellgas, L.P. [Member] | Secured Credit Facility And Collateralized Note Payables [Member] | |
Debt Instrument [Line Items] | |
Interest rate derivative inception date | May 2,012 |
Derivative, Description of Hedged Item | forecasted interest payments on Ferrellgas, L.P.’s secured credit facility and collateralized note payable |
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | |
Debt Instrument [Line Items] | |
Derivative, Description of Hedged Item | $500.0 million 6.5% fixed rate senior notes due 2021 |
Derivative, Notional Amount | $ 140,000,000 |
Derivative, Fixed Interest Rate | 6.50% |
Interest rate plus one-month LIBOR | 4.715% |
Derivative, Inception Date | May 7, 2012 |
Ferrellgas, L.P. [Member] | Fixed Rate Nine Point One Two Five Percentage Due Two Thousand Seventeen [Member] | |
Debt Instrument [Line Items] | |
Derivative, Description of Hedged Item | $300.0 million 9.125% fixed rate senior notes due 2017 |
Derivative, Notional Amount | $ 140,000,000 |
Derivative, Fixed Interest Rate | 9.125% |
Interest rate plus one-month LIBOR | 7.96% |
Derivative, Cost of Hedge | $ 200,000 |
Derivative, Inception Date | May 7, 2012 |
One Month Eurodollar Rate [Member] | Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | |
Debt Instrument [Line Items] | |
Derivative, Variable Interest Rate | one-month LIBOR |
One Month Eurodollar Rate [Member] | Fixed Rate Nine Point One Two Five Percentage Due Two Thousand Seventeen [Member] | |
Debt Instrument [Line Items] | |
Derivative, Variable Interest Rate | one-month LIBOR |
One Month Eurodollar Rate [Member] | Ferrellgas, L.P. [Member] | Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | |
Debt Instrument [Line Items] | |
Derivative, Variable Interest Rate | one-month LIBOR |
One Month Eurodollar Rate [Member] | Ferrellgas, L.P. [Member] | Fixed Rate Nine Point One Two Five Percentage Due Two Thousand Seventeen [Member] | |
Debt Instrument [Line Items] | |
Derivative, Variable Interest Rate | one-month LIBOR |
Interest Rate Cash Flow Hedge Leg1 [Member] | Secured Credit Facility And Collateralized Note Payables [Member] | |
Debt Instrument [Line Items] | |
Derivative, Notional Amount | $ 175,000,000 |
Derivative, Fixed Interest Rate | 1.95% |
Interest rate derivative settlement start date | August 2,015 |
Interest rate derivative settlement end date | July 2,017 |
Interest Rate Cash Flow Hedge Leg1 [Member] | Ferrellgas, L.P. [Member] | Secured Credit Facility And Collateralized Note Payables [Member] | |
Debt Instrument [Line Items] | |
Derivative, Notional Amount | $ 175,000,000 |
Derivative, Fixed Interest Rate | 1.95% |
Interest rate derivative settlement start date | August 2,015 |
Interest rate derivative settlement end date | July 2,017 |
Interest Rate Cash Flow Hedge Leg1 [Member] | One Month Eurodollar Rate [Member] | Secured Credit Facility And Collateralized Note Payables [Member] | |
Debt Instrument [Line Items] | |
Derivative, Variable Interest Rate | one-month LIBOR |
Interest Rate Cash Flow Hedge Leg1 [Member] | One Month Eurodollar Rate [Member] | Ferrellgas, L.P. [Member] | Secured Credit Facility And Collateralized Note Payables [Member] | |
Debt Instrument [Line Items] | |
Derivative, Variable Interest Rate | one-month LIBOR |
Interest Rate Cash Flow Hedge Leg2 [Member] | Secured Credit Facility And Collateralized Note Payables [Member] | |
Debt Instrument [Line Items] | |
Derivative, Notional Amount | $ 100,000,000 |
Derivative, Fixed Interest Rate | 1.95% |
Interest rate derivative settlement start date | August 2,017 |
Interest rate derivative settlement end date | July 2,018 |
Interest Rate Cash Flow Hedge Leg2 [Member] | Ferrellgas, L.P. [Member] | Secured Credit Facility And Collateralized Note Payables [Member] | |
Debt Instrument [Line Items] | |
Derivative, Notional Amount | $ 100,000,000 |
Derivative, Fixed Interest Rate | 1.95% |
Interest rate derivative settlement start date | August 2,017 |
Interest rate derivative settlement end date | July 2,018 |
Interest Rate Cash Flow Hedge Leg2 [Member] | One Month Eurodollar Rate [Member] | Secured Credit Facility And Collateralized Note Payables [Member] | |
Debt Instrument [Line Items] | |
Derivative, Variable Interest Rate | one-month LIBOR |
Interest Rate Cash Flow Hedge Leg2 [Member] | One Month Eurodollar Rate [Member] | Ferrellgas, L.P. [Member] | Secured Credit Facility And Collateralized Note Payables [Member] | |
Debt Instrument [Line Items] | |
Derivative, Variable Interest Rate | one-month LIBOR |
Debt (Scheduled Annual Principa
Debt (Scheduled Annual Principal Payments On Long-term Debt) (Details) $ in Thousands | Jul. 31, 2015USD ($) |
2,015 | $ 3,652 |
2,016 | 3,241 |
2,017 | 1,719 |
2,018 | 1,204 |
2,019 | 136,429 |
Thereafter | 1,657,931 |
Total long-term debt | 1,804,176 |
Ferrellgas, L.P. [Member] | |
2,015 | 3,652 |
2,016 | 3,241 |
2,017 | 1,719 |
2,018 | 1,204 |
2,019 | 136,429 |
Thereafter | 1,475,931 |
Total long-term debt | $ 1,622,176 |
Partners' Capital (Narrative) (
Partners' Capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 14, 2015 | Aug. 20, 2015 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 |
Capital Unit [Line Items] | |||||
Common unitholders, units outstanding | 100,376,789 | 81,228,237 | |||
General partner ownership interest | 1.00% | ||||
Minimum percentage ownership of outstanding common units resulting in non voting of owners | 20.00% | ||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 1,500,000 | 2,000,000 | |||
Stock Issued During Period, Value, Other | $ 42,000 | $ 50,000 | |||
Offering of common units, shares | 6,300,000 | ||||
Proceeds from offering of common units | $ 139,100 | ||||
Stock issued during the period for acquisition, shares | 11,300,000 | 100,000 | |||
Stock issued during the period for acquisition, value | $ 260,000 | $ 1,500 | |||
Cash received from contributions | 4,456 | $ 511 | $ 9 | ||
Ferrellgas, L.P. [Member] | |||||
Capital Unit [Line Items] | |||||
Distribution Made to Limited Partner, Cash Distributions Paid | 418,900 | ||||
General Partners' Cumulative Cash Distributions | $ 4,300 | ||||
General partner ownership interest | 1.00% | ||||
Asset contribution | $ 822,500 | ||||
General Partners' Contributed Capital | $ 8,400 | ||||
Ferrell Companies [Member] | |||||
Capital Unit [Line Items] | |||||
Limited partner ownership interest | 22.40% | ||||
FCI Trading Corp. [Member] | |||||
Capital Unit [Line Items] | |||||
Common unitholders, units outstanding | 195,686 | 195,686 | |||
Ferrell Propane, Inc. [Member] | |||||
Capital Unit [Line Items] | |||||
Common unitholders, units outstanding | 51,204 | 51,204 | |||
Ferrell Companies Beneficial Ownership [Member] | |||||
Capital Unit [Line Items] | |||||
Limited partner ownership interest | 22.70% | ||||
JEF Capital Management [Member] | |||||
Capital Unit [Line Items] | |||||
Common unitholders, units outstanding | 4,758,859 | ||||
Ferrell Resources Holdings, Inc. [Member] | |||||
Capital Unit [Line Items] | |||||
Common unitholders, units outstanding | 4,616 | ||||
Ferrellgas Partners [Member] | |||||
Capital Unit [Line Items] | |||||
Limited partner ownership interest | 98.00% | ||||
Ferrellgas Partners [Member] | Ferrellgas, L.P. [Member] | |||||
Capital Unit [Line Items] | |||||
Cash contributions from limited partner | $ 42,200 | ||||
Non-cash contributions | $ 3,000 | $ 1,500 | |||
General Partner [Member] | |||||
Capital Unit [Line Items] | |||||
General partner ownership interest | 2.00% | ||||
Cash received from contributions | $ 13,300 | 1,100 | |||
Non-cash contributions | $ 1,000 | 900 | |||
General Partner [Member] | Ferrellgas, L.P. [Member] | |||||
Capital Unit [Line Items] | |||||
General partner ownership interest | 1.0101% | ||||
Cash received from contributions | $ 400 | 500 | |||
Non-cash contributions | $ 500 | 500 | |||
Subsequent Event [Member] | |||||
Capital Unit [Line Items] | |||||
Cash distribution declared date | Aug. 20, 2015 | ||||
Cash distributions declared per common unit | $ 0.5125 | ||||
Cash distributions, payment date | Sep. 14, 2015 | ||||
Subsequent Event [Member] | Ferrellgas, L.P. [Member] | |||||
Capital Unit [Line Items] | |||||
Cash distribution declared date | Aug. 20, 2015 | ||||
Cash distributions, payment date | Sep. 14, 2015 | ||||
Subsequent Event [Member] | Ferrell Companies [Member] | |||||
Capital Unit [Line Items] | |||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 11,546 | ||||
Subsequent Event [Member] | FCI Trading Corp. [Member] | |||||
Capital Unit [Line Items] | |||||
Distribution Made to Limited Partner, Cash Distributions Declared | 100 | ||||
Subsequent Event [Member] | Ferrell Propane, Inc. [Member] | |||||
Capital Unit [Line Items] | |||||
Distribution Made to Limited Partner, Cash Distributions Declared | 26 | ||||
Subsequent Event [Member] | Ferrellgas Partners [Member] | Ferrellgas, L.P. [Member] | |||||
Capital Unit [Line Items] | |||||
Distribution Made to Limited Partner, Cash Distributions Declared | 52,000 | ||||
Subsequent Event [Member] | General Partner [Member] | |||||
Capital Unit [Line Items] | |||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 520 | ||||
Subsequent Event [Member] | General Partner [Member] | Ferrellgas, L.P. [Member] | |||||
Capital Unit [Line Items] | |||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 500 |
Partners' Capital (Limited Part
Partners' Capital (Limited Partner Units) (Details) - shares | Jul. 31, 2015 | Jul. 31, 2014 |
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 100,376,789 | 81,228,237 |
Public Common Unitholders [Member] | ||
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 63,294,168 | 55,153,208 |
Ferrell Companies [Member] | ||
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 22,529,361 | 21,469,664 |
FCI Trading Corp. [Member] | ||
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 195,686 | 195,686 |
Ferrell Propane, Inc. [Member] | ||
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 51,204 | 51,204 |
James E. Ferrell [Member] | ||
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 4,763,475 | 4,358,475 |
James H. Ballengee [Member] | ||
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 9,542,895 | 0 |
Partners' Capital (Ferrellgas P
Partners' Capital (Ferrellgas Paid Cash Distributions) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Limited Partners' Capital Account [Line Items] | |||
Distributions | $ 167,105 | $ 160,925 | $ 159,682 |
Public Common Unitholders [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions | 111,163 | 107,164 | 105,934 |
Ferrell Companies [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions | 45,059 | 42,939 | 42,939 |
FCI Trading Corp. [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions | 392 | 392 | 392 |
Ferrell Propane, Inc. [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions | 104 | 104 | 104 |
James E. Ferrell [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions | 8,717 | 8,717 | 8,717 |
General Partner [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions | 1,670 | 1,609 | 1,596 |
General Partner [Member] | Ferrellgas, L.P. [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions | 1,864 | 1,803 | 1,790 |
Ferrellgas Partners [Member] | Ferrellgas, L.P. [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions | $ 182,803 | $ 176,623 | $ 175,380 |
Partners' Capital (Dividends Ex
Partners' Capital (Dividends Expected To Be Paid To Related Parties) (Details) - Subsequent Event [Member] $ in Thousands | Sep. 14, 2015USD ($) |
Ferrell Companies [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | $ 11,546 |
FCI Trading Corp. [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 100 |
Ferrell Propane, Inc. [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 26 |
James E. Ferrell [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 2,441 |
James H. Ballengee [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 4,890 |
General Partner [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | $ 520 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | Jul. 31, 2015 | Jul. 31, 2014 |
Estimated fair value of long-term debt | $ 1,889.8 | $ 1,408.2 |
Ferrellgas, L.P. [Member] | ||
Estimated fair value of long-term debt | $ 1,700.5 | $ 1,215.3 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Fair Value Hierarchy) (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 |
Interest rate swap assets | $ 1,828 | $ 2,101 |
Commodity derivatives propane swap assets | 4,655 | 7,006 |
Interest rate swap liabilities | (4,748) | (5,075) |
Commodity derivatives propane swap liabilities | (42,375) | (83) |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | (100) | (6,400) |
Ferrellgas, L.P. [Member] | ||
Interest rate swap assets | 1,828 | 2,101 |
Commodity derivatives propane swap assets | 4,655 | 7,006 |
Interest rate swap liabilities | (4,748) | (5,075) |
Commodity derivatives propane swap liabilities | (42,375) | (83) |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | (100) | (6,400) |
Level 2 [Member] | ||
Interest rate swap assets | 1,828 | 2,101 |
Commodity derivatives propane swap assets | 4,655 | 7,006 |
Interest rate swap liabilities | (4,748) | (5,075) |
Commodity derivatives propane swap liabilities | (42,375) | (83) |
Level 2 [Member] | Ferrellgas, L.P. [Member] | ||
Interest rate swap assets | 1,828 | 2,101 |
Commodity derivatives propane swap assets | 4,655 | 7,006 |
Interest rate swap liabilities | (4,748) | (5,075) |
Commodity derivatives propane swap liabilities | (42,375) | (83) |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | (100) | (6,400) |
Fair Value, Inputs, Level 3 [Member] | Ferrellgas, L.P. [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ (100) | $ (6,400) |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation) (Details) $ in Thousands | 12 Months Ended |
Jul. 31, 2015USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 6,400 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 100 |
Ferrellgas, L.P. [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 6,400 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 100 |
Accretion [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (400) |
Accretion [Member] | Ferrellgas, L.P. [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (400) |
Fair Value Change due to Unobservable Inputs [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 6,700 |
Fair Value Change due to Unobservable Inputs [Member] | Ferrellgas, L.P. [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | $ 6,700 |
Fair Value Measurements Fair 83
Fair Value Measurements Fair Value Measurements (Fair Value Inputs, Liabilities, Quantitative Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Business Combination, Contingent Consideration, Liability | $ 100 | $ 6,400 |
Fair Value Measurements, Valuation Techniques | Discounted cash flow | |
Weighted Average of Unobservable Input | 20.00% | |
Minimum [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Range of Unobservable Inputs | 5.00% | |
Maximum [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Range of Unobservable Inputs | 80.00% | |
Ferrellgas, L.P. [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Business Combination, Contingent Consideration, Liability | $ 100 | $ 6,400 |
Fair Value Measurements, Valuation Techniques | Discounted cash flow | |
Weighted Average of Unobservable Input | 20.00% | |
Ferrellgas, L.P. [Member] | Minimum [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Range of Unobservable Inputs | 5.00% | |
Ferrellgas, L.P. [Member] | Maximum [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Range of Unobservable Inputs | 80.00% |
Fair Value Measurements Fair 84
Fair Value Measurements Fair Value Measurements (Sensitivity of Unobservable Inputs) (Details) $ in Thousands | 12 Months Ended |
Jul. 31, 2015USD ($) | |
5% increase, WACC [Member] | |
Sensitivity of Unobservable Inputs [Line Items] | |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | $ (10) |
5% decrease, WACC [Member] | |
Sensitivity of Unobservable Inputs [Line Items] | |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | 0 |
10% increase, earnings forecast [Member] | |
Sensitivity of Unobservable Inputs [Line Items] | |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | 200 |
10% decrease, earnings forecast [Member] | |
Sensitivity of Unobservable Inputs [Line Items] | |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | (100) |
Ferrellgas, L.P. [Member] | 5% increase, WACC [Member] | |
Sensitivity of Unobservable Inputs [Line Items] | |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | (10) |
Ferrellgas, L.P. [Member] | 5% decrease, WACC [Member] | |
Sensitivity of Unobservable Inputs [Line Items] | |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | 0 |
Ferrellgas, L.P. [Member] | 10% increase, earnings forecast [Member] | |
Sensitivity of Unobservable Inputs [Line Items] | |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | 200 |
Ferrellgas, L.P. [Member] | 10% decrease, earnings forecast [Member] | |
Sensitivity of Unobservable Inputs [Line Items] | |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | $ (100) |
Derivative Instruments and He85
Derivative Instruments and Hedging Activities (Narrative) (Details) MMBbls in Millions | 12 Months Ended | |
Jul. 31, 2015USD ($)MMBbls | Jul. 31, 2014USD ($) | |
Derivative [Line Items] | ||
gain or loss in earnings related to hedge ineffectiveness | $ (200,000) | $ 0 |
Reclassification of net gain to earnings during next 12 months | 24,300,000 | |
Reclassification of gain (loss) to earnings from discontinuance of cash flow hedges | 0 | 0 |
Derivative amount of credit risk | 0 | |
Derivative, Net Liability Position, Aggregate Fair Value | 400,000 | |
Collateral Already Posted, Aggregate Fair Value | 0 | |
Additional Collateral, Aggregate Fair Value | 400,000 | |
Ferrellgas, L.P. [Member] | ||
Derivative [Line Items] | ||
gain or loss in earnings related to hedge ineffectiveness | 200,000 | 0 |
Reclassification of net gain to earnings during next 12 months | (24,300,000) | |
Reclassification of gain (loss) to earnings from discontinuance of cash flow hedges | $ 0 | $ 0 |
Number of barrels of propane covered by cash flow hedges | MMBbls | 2.9 | |
Derivative amount of credit risk | $ 0 | |
Derivative, Net Liability Position, Aggregate Fair Value | 400,000 | |
Collateral Already Posted, Aggregate Fair Value | 0 | |
Additional Collateral, Aggregate Fair Value | $ 0 | |
Diesel fuel [Member] | ||
Derivative [Line Items] | ||
Number of barrels of propane covered by cash flow hedges | MMBbls | 0.3 | |
Diesel fuel [Member] | Ferrellgas, L.P. [Member] | ||
Derivative [Line Items] | ||
Number of barrels of propane covered by cash flow hedges | MMBbls | 0.3 | |
Propane [Member] | ||
Derivative [Line Items] | ||
Number of barrels of propane covered by cash flow hedges | MMBbls | 2.9 | |
Unleaded gasoline [Member] | ||
Derivative [Line Items] | ||
Number of barrels of propane covered by cash flow hedges | MMBbls | 0.1 | |
Unleaded gasoline [Member] | Ferrellgas, L.P. [Member] | ||
Derivative [Line Items] | ||
Number of barrels of propane covered by cash flow hedges | MMBbls | 0.1 |
Derivative Instruments and He86
Derivative Instruments and Hedging Activities (Fair Value of Financial Derivatives Balance Sheet Locations) (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivatives - Price risk management assets | $ 4,655 | $ 7,006 |
Interest Rate Derivative Assets, at Fair Value | 1,828 | 2,101 |
Derivative Asset, Fair Value, Gross Asset | 6,483 | 9,107 |
Derivatives - Price risk management liabilities | 42,375 | 83 |
Interest Rate Derivative Liabilities, at Fair Value | 4,748 | 5,075 |
Derivative Liability, Fair Value, Gross Liability | 47,123 | 5,158 |
Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives - Price risk management assets | 4,655 | 7,006 |
Interest Rate Derivative Assets, at Fair Value | 1,828 | 2,101 |
Derivative Asset, Fair Value, Gross Asset | 6,483 | 9,107 |
Derivatives - Price risk management liabilities | 42,375 | 83 |
Interest Rate Derivative Liabilities, at Fair Value | 4,748 | 5,075 |
Derivative Liability, Fair Value, Gross Liability | 47,123 | 5,158 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives - Price risk management assets | 3,614 | 5,301 |
Interest Rate Derivative Assets, at Fair Value | 1,828 | 2,101 |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | 0 | |
Prepaid Expenses and Other Current Assets [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives - Price risk management assets | 3,614 | 5,301 |
Interest Rate Derivative Assets, at Fair Value | 1,828 | 2,101 |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | 0 | |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives - Price risk management liabilities | 27,929 | 83 |
Interest Rate Derivative Liabilities, at Fair Value | 2,241 | 0 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 1,280 | |
Other Current Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives - Price risk management liabilities | 27,929 | 83 |
Interest Rate Derivative Liabilities, at Fair Value | 2,241 | 0 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 1,280 | |
Other Assets, Net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives - Price risk management assets | 1,041 | 1,705 |
Interest Rate Derivative Assets, at Fair Value | 0 | 0 |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | 0 | |
Other Assets, Net [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives - Price risk management assets | 1,041 | 1,705 |
Interest Rate Derivative Assets, at Fair Value | 0 | 0 |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | 0 | |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives - Price risk management liabilities | 12,034 | 0 |
Interest Rate Derivative Liabilities, at Fair Value | 2,507 | 5,075 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 1,132 | |
Other Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives - Price risk management liabilities | 12,034 | 0 |
Interest Rate Derivative Liabilities, at Fair Value | 2,507 | $ 5,075 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | $ 1,132 |
Derivative Instruments and He87
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Schedule of Derivative Collateral) (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 |
Derivative Asset, Fair Value of Collateral | $ 29,795 | $ 345 |
Derivative Liability, Fair Value of Collateral | 15 | 0 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Asset, Fair Value of Collateral | 18,009 | 156 |
Other Current Liabilities [Member] | ||
Derivative Liability, Fair Value of Collateral | 15 | 0 |
Other Assets, Net [Member] | ||
Derivative Asset, Fair Value of Collateral | 11,786 | 189 |
Other Liabilities [Member] | ||
Derivative Liability, Fair Value of Collateral | 0 | 0 |
Ferrellgas, L.P. [Member] | ||
Derivative Asset, Fair Value of Collateral | 29,795 | 345 |
Derivative Liability, Fair Value of Collateral | 15 | 0 |
Ferrellgas, L.P. [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Asset, Fair Value of Collateral | 18,009 | 156 |
Ferrellgas, L.P. [Member] | Other Current Liabilities [Member] | ||
Derivative Liability, Fair Value of Collateral | 15 | 0 |
Ferrellgas, L.P. [Member] | Other Assets, Net [Member] | ||
Derivative Asset, Fair Value of Collateral | 11,786 | 189 |
Ferrellgas, L.P. [Member] | Other Liabilities [Member] | ||
Derivative Liability, Fair Value of Collateral | $ 0 | $ 0 |
Derivative Instruments and He88
Derivative Instruments and Hedging Activities (Fair Value Hedge Derivative Effect on Earnings) (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Derivative, Gain (Loss) on Derivative, Net | $ 1,892 | $ 2,520 |
Interest Expense, Debt | (9,100) | (11,985) |
Ferrellgas, L.P. [Member] | ||
Derivative, Gain (Loss) on Derivative, Net | 1,892 | 2,520 |
Interest Expense, Debt | $ (9,100) | $ (11,985) |
Derivative Instruments and He89
Derivative Instruments and Hedging Activities (Cash Flow Hedge Derivative Effect on Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Derivative [Member] | |||
Amount of gain (loss) recognized in AOCI(L) on derivative | $ (73,647) | $ 14,592 | |
Amount of gain (loss) reclassified from AOCI into income | (28,258) | 10,175 | |
Derivative [Member] | Ferrellgas, L.P. [Member] | |||
Amount of gain (loss) recognized in AOCI(L) on derivative | (73,647) | 14,592 | |
Amount of gain (loss) reclassified from AOCI into income | (28,258) | 10,175 | |
Commodity Derivatives Propane [Member] | |||
Amount of gain (loss) recognized in AOCI(L) on derivative | (70,291) | 15,473 | $ 2,032 |
Amount of gain (loss) reclassified from AOCI into income | (28,059) | 10,175 | (10,613) |
Commodity Derivatives Propane [Member] | Ferrellgas, L.P. [Member] | |||
Amount of gain (loss) recognized in AOCI(L) on derivative | (70,291) | 15,473 | 2,032 |
Amount of gain (loss) reclassified from AOCI into income | (28,059) | 10,175 | (10,613) |
Interest Rate Swap [Member] | |||
Amount of gain (loss) recognized in AOCI(L) on derivative | (3,356) | (881) | 2,220 |
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | |||
Amount of gain (loss) recognized in AOCI(L) on derivative | (3,356) | (881) | $ 2,220 |
Cost of Sales [Member] | Commodity Derivatives Propane [Member] | |||
Amount of gain (loss) reclassified from AOCI into income | (28,059) | 10,175 | |
Cost of Sales [Member] | Commodity Derivatives Propane [Member] | Ferrellgas, L.P. [Member] | |||
Amount of gain (loss) reclassified from AOCI into income | (28,059) | 10,175 | |
Interest Expense [Member] | Interest Rate Swap [Member] | |||
Amount of gain (loss) reclassified from AOCI into income | (199) | 0 | |
Interest Expense [Member] | Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | |||
Amount of gain (loss) reclassified from AOCI into income | $ (199) | $ 0 |
Derivative Instruments and He90
Derivative Instruments and Hedging Activities (Changes in Derivative Value Effect on Other Comprehensive Income Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Beginning balance | $ 6,181 | ||
Ending balance | (38,934) | $ 6,181 | |
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 199 | 0 | $ 0 |
Ferrellgas, L.P. [Member] | |||
Beginning balance | 6,258 | ||
Ending balance | (39,318) | 6,258 | |
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 199 | 0 | 0 |
Commodity Derivatives Propane [Member] | |||
Change in value on risk management derivatives | (70,291) | 15,473 | 2,032 |
Reclassification of gains and losses of commodity hedges to cost of product sold - propane and other gas liquids sales | 28,059 | (10,175) | 10,613 |
Commodity Derivatives Propane [Member] | Ferrellgas, L.P. [Member] | |||
Change in value on risk management derivatives | (70,291) | 15,473 | 2,032 |
Reclassification of gains and losses of commodity hedges to cost of product sold - propane and other gas liquids sales | 28,059 | (10,175) | 10,613 |
Interest Rate Swap [Member] | |||
Change in value on risk management derivatives | (3,356) | (881) | 2,220 |
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | |||
Change in value on risk management derivatives | (3,356) | (881) | 2,220 |
Derivative [Member] | |||
Beginning balance | 6,483 | 2,066 | (12,799) |
Change in value on risk management derivatives | (73,647) | 14,592 | |
Reclassification of gains and losses of commodity hedges to cost of product sold - propane and other gas liquids sales | 28,258 | (10,175) | |
Ending balance | (38,906) | 6,483 | 2,066 |
Derivative [Member] | Ferrellgas, L.P. [Member] | |||
Beginning balance | 6,483 | 2,066 | (12,799) |
Change in value on risk management derivatives | (73,647) | 14,592 | |
Reclassification of gains and losses of commodity hedges to cost of product sold - propane and other gas liquids sales | 28,258 | (10,175) | |
Ending balance | $ (38,906) | $ 6,483 | $ 2,066 |
Derivative Instruments and He91
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Derivatives not Designated as Hedging Instruments Effects on Earnings) (Details) $ in Thousands | 12 Months Ended |
Jul. 31, 2015USD ($) | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (2,412) |
Ferrellgas, L.P. [Member] | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (2,412) |
Transactions With Related Par92
Transactions With Related Parties (Narrative) (Details) $ in Millions | 12 Months Ended |
Jul. 31, 2015USD ($)employee | |
Number of employees | employee | 0 |
Ferrellgas, L.P. [Member] | |
Number of employees | employee | 0 |
James H. Ballengee [Member] | |
Limited partner ownership interest | 9.50% |
James H. Ballengee [Member] | Ferrellgas, L.P. [Member] | |
Limited partner ownership interest | 9.50% |
Jamex Marketing, LLC [Member] | |
Revenues | $ 9.4 |
Related Party Costs | 8.4 |
Accounts Receivable, Related Parties | 4.8 |
Accounts Payable, Related Parties | 4.2 |
Jamex Marketing, LLC [Member] | Ferrellgas, L.P. [Member] | |
Revenues | 9.4 |
Related Party Costs | 8.4 |
Accounts Receivable, Related Parties | 4.8 |
Accounts Payable, Related Parties | $ 4.2 |
Transactions With Related Par93
Transactions With Related Parties (Allocation Of Transactions With Related Parties) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Related Party Transaction [Line Items] | |||
General and administrative expense | $ 77,238 | $ 65,156 | $ 53,181 |
Ferrellgas, L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
General and administrative expense | 77,238 | 65,156 | 53,181 |
Compensation And Benefits [Member] | |||
Related Party Transaction [Line Items] | |||
Operating expense | 217,742 | 216,657 | 203,859 |
General and administrative expense | 27,278 | 32,119 | 30,053 |
Compensation And Benefits [Member] | Ferrellgas, L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Operating expense | 217,742 | 216,657 | 203,859 |
General and administrative expense | $ 27,278 | $ 32,119 | $ 30,053 |
Contingencies And Commitments94
Contingencies And Commitments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Litigation Settlement, Amount | $ 10.4 | ||
Ferrellgas, L.P. [Member] | |||
Litigation Settlement, Amount | $ 10.4 | ||
Transportation Equipment [Member] | |||
Transportation equipment lease expiration period | 7 years | ||
Guarantees Residual Value, Fair Value Disclosure | $ 1.5 | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 7 | ||
Transportation Equipment [Member] | Ferrellgas, L.P. [Member] | |||
Transportation equipment lease expiration period | 7 years | ||
Guarantees Residual Value, Fair Value Disclosure | $ 1.5 | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 7 | ||
Property And Equipment [Member] | |||
Non-cancelable operating leases, expiration year | 2,026 | ||
Rental expense | $ 45 | $ 35.6 | $ 32.2 |
Property And Equipment [Member] | Ferrellgas, L.P. [Member] | |||
Non-cancelable operating leases, expiration year | 2,026 | ||
Rental expense | $ 45 | $ 35.6 | $ 32.2 |
Contingencies And Commitments95
Contingencies And Commitments (Contractual Operating Lease Commitments And Buyouts) (Details) $ in Thousands | Jul. 31, 2015USD ($) |
Operating Lease Obligations [Member] | |
Operating Leased Assets [Line Items] | |
2,015 | $ 39,999 |
2,016 | 31,497 |
2,017 | 25,599 |
2,018 | 20,084 |
2,019 | 14,402 |
Thereafter | 16,078 |
Operating Lease Obligations [Member] | Ferrellgas, L.P. [Member] | |
Operating Leased Assets [Line Items] | |
2,015 | 39,999 |
2,016 | 31,497 |
2,017 | 25,599 |
2,018 | 20,084 |
2,019 | 14,402 |
Thereafter | 16,078 |
Operating Lease Buyouts [Member] | |
Operating Leased Assets [Line Items] | |
2,015 | 2,738 |
2,016 | 1,816 |
2,017 | 3,217 |
2,018 | 3,011 |
2,019 | 2,693 |
Thereafter | 9,355 |
Operating Lease Buyouts [Member] | Ferrellgas, L.P. [Member] | |
Operating Leased Assets [Line Items] | |
2,015 | 2,738 |
2,016 | 1,816 |
2,017 | 3,217 |
2,018 | 3,011 |
2,019 | 2,693 |
Thereafter | $ 9,355 |
Employee Benefits (Details)
Employee Benefits (Details) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015USD ($)employee | Jul. 31, 2014USD ($) | Jul. 31, 2013USD ($) | |
Number of employees | employee | 0 | ||
Non-cash employee stock ownership plan compensation charge | $ 24,713 | $ 21,789 | $ 15,769 |
Matching contributions | 3,900 | 3,600 | 3,000 |
Defined Benefit Plan, Accumulated Other Comprehensive Income Net Gains (Losses), after Tax | $ (200) | 300 | 300 |
Ferrellgas, L.P. [Member] | |||
Number of employees | employee | 0 | ||
Non-cash employee stock ownership plan compensation charge | $ 24,713 | 21,789 | 15,769 |
Matching contributions | 3,900 | 3,600 | 3,000 |
Defined Benefit Plan, Accumulated Other Comprehensive Income Net Gains (Losses), after Tax | $ (200) | $ 300 | $ 300 |
Net Earnings (Loss) Per Commo97
Net Earnings (Loss) Per Common Unitholders' Interest Net Earnings (Loss) Per Common Unitholders' Interest (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Dilutive effect on earnings per share | $ 0 | $ 0 | $ 0 |
Net Earnings (Loss) Per Commo98
Net Earnings (Loss) Per Common Unitholders' Interest (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Common unitholders' interest in net earnings (loss) | $ (58,187) | $ 35,454 | $ 84,603 | $ (32,546) | $ (47,317) | $ 44,931 | $ 59,860 | $ (24,595) | $ 29,324 | $ 32,879 | $ 55,862 |
Weighted average common units outstanding | 84,646,200 | 79,651,100 | 79,038,600 | ||||||||
Dilutive securities | 6,700 | 20,600 | 37,000 | ||||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 84,652,900 | 79,671,700 | 79,075,600 | ||||||||
Basic and diluted net earnings (loss) per common unitholders' interest | $ (0.64) | $ 0.43 | $ 0.89 | $ (0.40) | $ (0.58) | $ 0.57 | $ 0.72 | $ (0.31) | $ 0.35 | $ 0.41 | $ 0.71 |
Segment Reporting Segment Rep99
Segment Reporting Segment Reporting (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Statement [Line Items] | ||
Revenues | $ 2,024,390 | $ 2,405,860 |
Costs and Expenses | 1,724,206 | 2,117,712 |
Adjusted EBITDA | 300,184 | 288,148 |
Propane and related equipment sales [Member] | ||
Statement [Line Items] | ||
Revenues | 1,917,201 | 2,398,425 |
Costs and Expenses | 1,591,404 | 2,067,133 |
Adjusted EBITDA | 325,797 | 331,292 |
Midstream - Crude Oil Logistics [Member] | ||
Statement [Line Items] | ||
Revenues | 81,512 | 0 |
Costs and Expenses | 72,929 | 0 |
Adjusted EBITDA | 8,583 | 0 |
Midstream Operations - Water Solutions [Member] | ||
Statement [Line Items] | ||
Revenues | 25,677 | 7,435 |
Costs and Expenses | 20,141 | 3,997 |
Adjusted EBITDA | 5,536 | 3,438 |
Corporate and Other [Member] | ||
Statement [Line Items] | ||
Revenues | 0 | 0 |
Costs and Expenses | 39,732 | 46,582 |
Adjusted EBITDA | (39,732) | (46,582) |
Ferrellgas, L.P. [Member] | ||
Statement [Line Items] | ||
Revenues | 2,024,390 | 2,405,860 |
Costs and Expenses | 1,724,102 | 2,117,735 |
Adjusted EBITDA | 300,288 | 288,125 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||
Statement [Line Items] | ||
Revenues | 1,917,201 | 2,398,425 |
Costs and Expenses | 1,591,300 | 2,067,156 |
Adjusted EBITDA | 325,901 | 331,269 |
Ferrellgas, L.P. [Member] | Midstream - Crude Oil Logistics [Member] | ||
Statement [Line Items] | ||
Revenues | 81,512 | 0 |
Costs and Expenses | 72,929 | 0 |
Adjusted EBITDA | 8,583 | 0 |
Ferrellgas, L.P. [Member] | Midstream Operations - Water Solutions [Member] | ||
Statement [Line Items] | ||
Revenues | 25,677 | 7,435 |
Costs and Expenses | 20,141 | 3,997 |
Adjusted EBITDA | 5,536 | 3,438 |
Ferrellgas, L.P. [Member] | Corporate and Other [Member] | ||
Statement [Line Items] | ||
Revenues | 0 | 0 |
Costs and Expenses | 39,732 | 46,582 |
Adjusted EBITDA | $ (39,732) | $ (46,582) |
Net Earnings (Loss) Per Comm100
Net Earnings (Loss) Per Common Unitholders' Interest Net Earnings (Loss) Per Common Unitholders' Interest (Earnings Distribution Allocation) (Details) | 12 Months Ended |
Jul. 31, 2015$ / shares | |
Upper Range [Member] | Common Stock [Member] | |
Earnings Distribution Allocation [Line Items] | |
Allocated Distribution | 51.50% |
Upper Range [Member] | General Partner [Member] | |
Earnings Distribution Allocation [Line Items] | |
Allocated Distribution | 48.50% |
Middle Range [Member] | Common Stock [Member] | |
Earnings Distribution Allocation [Line Items] | |
Allocated Distribution | 76.80% |
Middle Range [Member] | General Partner [Member] | |
Earnings Distribution Allocation [Line Items] | |
Allocated Distribution | 23.20% |
Lower Range [Member] | Common Stock [Member] | |
Earnings Distribution Allocation [Line Items] | |
Allocated Distribution | 86.90% |
Lower Range [Member] | General Partner [Member] | |
Earnings Distribution Allocation [Line Items] | |
Allocated Distribution | 13.10% |
Minimum [Member] | Upper Range [Member] | |
Earnings Distribution Allocation [Line Items] | |
Earnings Per Share, Basic, Distributed | $ 0.83 |
Minimum [Member] | Middle Range [Member] | |
Earnings Distribution Allocation [Line Items] | |
Earnings Per Share, Basic, Distributed | 0.64 |
Minimum [Member] | Lower Range [Member] | |
Earnings Distribution Allocation [Line Items] | |
Earnings Per Share, Basic, Distributed | 0.56 |
Maximum [Member] | Middle Range [Member] | |
Earnings Distribution Allocation [Line Items] | |
Earnings Per Share, Basic, Distributed | 0.82 |
Maximum [Member] | Lower Range [Member] | |
Earnings Distribution Allocation [Line Items] | |
Earnings Per Share, Basic, Distributed | $ 0.63 |
Segment Reporting Segment Re101
Segment Reporting Segment Reporting (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 |
Statement [Line Items] | ||
Assets | $ 2,464,056 | $ 1,572,270 |
Propane and related equipment sales [Member] | ||
Statement [Line Items] | ||
Assets | 1,295,831 | 1,400,603 |
Midstream - Crude Oil Logistics [Member] | ||
Statement [Line Items] | ||
Assets | 917,325 | 0 |
Midstream Operations - Water Solutions [Member] | ||
Statement [Line Items] | ||
Assets | 205,358 | 136,116 |
Corporate and Other [Member] | ||
Statement [Line Items] | ||
Assets | 45,542 | 35,551 |
Ferrellgas, L.P. [Member] | ||
Statement [Line Items] | ||
Assets | 2,459,962 | 1,569,833 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||
Statement [Line Items] | ||
Assets | 1,291,737 | 1,400,603 |
Ferrellgas, L.P. [Member] | Midstream - Crude Oil Logistics [Member] | ||
Statement [Line Items] | ||
Assets | 917,325 | 0 |
Ferrellgas, L.P. [Member] | Midstream Operations - Water Solutions [Member] | ||
Statement [Line Items] | ||
Assets | 205,358 | 136,116 |
Ferrellgas, L.P. [Member] | Corporate and Other [Member] | ||
Statement [Line Items] | ||
Assets | $ 45,542 | $ 33,114 |
Segment Reporting Segment Re102
Segment Reporting Segment Reporting (Schedule of Capital Expenditure Information, by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Statement [Line Items] | ||
Capital Expenditures | $ 69,837 | $ 50,981 |
Propane and related equipment sales [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 52,978 | 45,183 |
Midstream - Crude Oil Logistics [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 64 | 0 |
Midstream Operations - Water Solutions [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 14,438 | 1,896 |
Corporate and Other [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 2,357 | 3,902 |
Maintenance Capital Expenditures [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 19,449 | 18,138 |
Maintenance Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 16,020 | 14,682 |
Maintenance Capital Expenditures [Member] | Midstream - Crude Oil Logistics [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 0 | 0 |
Maintenance Capital Expenditures [Member] | Midstream Operations - Water Solutions [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 1,072 | 181 |
Maintenance Capital Expenditures [Member] | Corporate and Other [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 2,357 | 3,275 |
Growth Capital Expenditures [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 50,388 | 32,843 |
Growth Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 36,958 | 30,501 |
Growth Capital Expenditures [Member] | Midstream - Crude Oil Logistics [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 64 | 0 |
Growth Capital Expenditures [Member] | Midstream Operations - Water Solutions [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 13,366 | 1,715 |
Growth Capital Expenditures [Member] | Corporate and Other [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 0 | 627 |
Ferrellgas, L.P. [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 69,837 | 50,981 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 52,978 | 45,183 |
Ferrellgas, L.P. [Member] | Midstream - Crude Oil Logistics [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 64 | 0 |
Ferrellgas, L.P. [Member] | Midstream Operations - Water Solutions [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 14,438 | 1,896 |
Ferrellgas, L.P. [Member] | Corporate and Other [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 2,357 | 3,902 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 19,449 | 18,138 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 16,020 | 14,682 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Midstream - Crude Oil Logistics [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 0 | 0 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Midstream Operations - Water Solutions [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 1,072 | 181 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Corporate and Other [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 2,357 | 3,275 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 50,388 | 32,843 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 36,958 | 30,501 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Midstream - Crude Oil Logistics [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 64 | 0 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Midstream Operations - Water Solutions [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | 13,366 | 1,715 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Corporate and Other [Member] | ||
Statement [Line Items] | ||
Capital Expenditures | $ 0 | $ 627 |
Segment Reporting Segment Re103
Segment Reporting Segment Reporting (Reconciliation of Consolidated EBITDA to Consolidated Net Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Net Income (Loss) Attributable to Parent | $ (58,775) | $ 35,812 | $ 85,458 | $ (32,875) | $ (47,795) | $ 45,385 | $ 60,464 | $ (24,843) | $ 29,620 | $ 33,211 | $ 56,426 |
Income tax expense | (315) | 2,516 | 1,855 | ||||||||
Interest Expense | 100,396 | 86,502 | |||||||||
Depreciation and amortization expense | 98,579 | 84,202 | 83,344 | ||||||||
EBITDA | 228,280 | 206,431 | |||||||||
Loss on extinguishment of debt | 0 | 21,202 | 0 | ||||||||
Non-cash employee stock ownership plan compensation charge | (24,713) | (21,789) | (15,769) | ||||||||
Non-cash stock and unit-based compensation charge | 25,982 | 24,508 | 13,545 | ||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 7,099 | 6,486 | |||||||||
Other Nonoperating Income (Expense) | 350 | 479 | |||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 0 | (6,300) | 5,000 | ||||||||
Legal Fees | 806 | 1,749 | |||||||||
Estimated Litigation Liability | 2,412 | 0 | 2,412 | 0 | |||||||
Net earnings (loss) | (59,333) | 36,220 | 86,371 | (33,169) | (48,241) | 45,890 | 61,123 | (25,057) | 30,089 | 33,715 | 57,167 |
Adjusted EBITDA | 300,184 | 288,148 | |||||||||
Non-Controlling Interest [Member] | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Net earnings (loss) | 469 | 504 | 741 | ||||||||
Midstream - Crude Oil Logistics [Member] | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | 16,373 | 0 | |||||||||
Adjusted EBITDA | 8,583 | 0 | |||||||||
Ferrellgas, L.P. [Member] | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Income tax expense | (384) | 2,471 | 1,838 | ||||||||
Interest Expense | 84,227 | 70,332 | |||||||||
Depreciation and amortization expense | 98,579 | 84,202 | 83,344 | ||||||||
EBITDA | 228,849 | 206,912 | |||||||||
Loss on extinguishment of debt | 0 | 21,202 | 0 | ||||||||
Non-cash employee stock ownership plan compensation charge | (24,713) | (21,789) | (15,769) | ||||||||
Non-cash stock and unit-based compensation charge | 25,982 | 24,508 | 13,545 | ||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 7,099 | 6,486 | |||||||||
Other Nonoperating Income (Expense) | 354 | 479 | |||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 0 | (6,300) | 5,000 | ||||||||
Legal Fees | 806 | 1,749 | |||||||||
Estimated Litigation Liability | 2,412 | 0 | 2,412 | 0 | |||||||
Net earnings (loss) | $ (55,249) | $ 40,404 | $ 90,409 | $ (29,137) | $ (44,179) | $ 50,053 | $ 65,171 | $ (21,138) | 46,427 | 49,907 | $ 73,375 |
Adjusted EBITDA | 300,288 | 288,125 | |||||||||
Ferrellgas, L.P. [Member] | Midstream - Crude Oil Logistics [Member] | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | 16,373 | 0 | |||||||||
Adjusted EBITDA | $ 8,583 | $ 0 |
Quarterly Data (Unaudited) (Sum
Quarterly Data (Unaudited) (Summarized Unaudited Quarterly Data) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Revenues | $ 382,511 | $ 532,551 | $ 665,973 | $ 443,355 | $ 399,030 | $ 722,117 | $ 869,683 | $ 415,030 | $ 2,024,390 | $ 2,405,860 | $ 1,975,467 |
Net earnings (loss) | (59,333) | 36,220 | 86,371 | (33,169) | (48,241) | 45,890 | 61,123 | (25,057) | 30,089 | 33,715 | 57,167 |
Net earnings (loss) attributable to Ferrellgas Partners, L.P. | (58,775) | 35,812 | 85,458 | (32,875) | (47,795) | 45,385 | 60,464 | (24,843) | 29,620 | 33,211 | 56,426 |
Common unitholders' interest in net earnings (loss) | $ (58,187) | $ 35,454 | $ 84,603 | $ (32,546) | $ (47,317) | $ 44,931 | $ 59,860 | $ (24,595) | $ 29,324 | $ 32,879 | $ 55,862 |
Basic and diluted net earnings (loss) per common unitholders' interest | $ (0.64) | $ 0.43 | $ 0.89 | $ (0.40) | $ (0.58) | $ 0.57 | $ 0.72 | $ (0.31) | $ 0.35 | $ 0.41 | $ 0.71 |
Ferrellgas, L.P. [Member] | |||||||||||
Revenues | $ 382,511 | $ 532,551 | $ 665,973 | $ 443,355 | $ 399,030 | $ 722,117 | $ 869,683 | $ 415,030 | $ 2,024,390 | $ 2,405,860 | $ 1,975,467 |
Net earnings (loss) | (55,249) | 40,404 | 90,409 | (29,137) | (44,179) | 50,053 | 65,171 | (21,138) | $ 46,427 | $ 49,907 | $ 73,375 |
Propane and related equipment sales [Member] | |||||||||||
Gross margin from propane and other gas liquids sales (a) | 128,087 | 191,983 | 230,175 | 129,547 | 126,685 | 202,861 | 237,940 | 123,469 | |||
Propane and related equipment sales [Member] | Ferrellgas, L.P. [Member] | |||||||||||
Gross margin from propane and other gas liquids sales (a) | 126,685 | 202,861 | 237,940 | 123,469 | |||||||
Consolidated Midstream Operations [Member] | |||||||||||
Gross margin from propane and other gas liquids sales (a) | $ 16,301 | $ 3,416 | $ 4,934 | $ 5,948 | 5,465 | 0 | 0 | 0 | |||
Consolidated Midstream Operations [Member] | Ferrellgas, L.P. [Member] | |||||||||||
Gross margin from propane and other gas liquids sales (a) | $ 5,465 | $ 0 | $ 0 | $ 0 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Deferred tax expense (benefit) | $ 270,000 | $ 88,000 | $ 133,000 |
Deferred tax assets | 724,000 | 1,152,000 | |
Ferrellgas Partners Finance Corp. [Member] | |||
Deferred tax assets, operating loss carryforwards | 6,588 | ||
Net operating loss carryforward | $ 16,936 | ||
Net operating loss carryforward, expiration date | Jul. 31, 2035 | ||
Deferred tax expense (benefit) | $ 0 | 0 | 0 |
Deferred tax assets | 0 | 0 | |
Valuation allowance provided for deferred tax asset | 6,588 | ||
Ferrellgas Finance Corp. [Member] | |||
Deferred tax assets, operating loss carryforwards | 20,701 | ||
Net operating loss carryforward | $ 53,217 | ||
Net operating loss carryforward, expiration date | Jul. 31, 2035 | ||
Deferred tax expense (benefit) | $ 0 | 0 | $ 0 |
Deferred tax assets | 0 | $ 0 | |
Valuation allowance provided for deferred tax asset | $ 20,701 |
Schedule I Parent Only Balan106
Schedule I Parent Only Balance Sheets, Statements Of Earnings And Cash Flows (Balance Sheets) (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
ASSETS | ||||
Cash and cash equivalents | $ 7,652 | $ 8,289 | $ 6,464 | $ 8,429 |
Prepaid expenses and other current assets | 64,285 | 32,071 | ||
Other assets, net | 74,440 | 46,171 | ||
Total assets | 2,464,056 | 1,572,270 | ||
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | ||||
Other current liabilities | 180,687 | 125,161 | ||
Long-term debt | 1,804,392 | 1,292,214 | ||
Partners' capital (deficit) | ||||
Common unitholders | 299,730 | (57,893) | ||
General partner unitholder | (57,042) | (60,654) | ||
Accumulated other comprehensive income (loss) | (38,934) | 6,181 | ||
Total Ferrellgas Partners, L.P. partners' capital (deficit) | 203,754 | (112,366) | ||
Total liabilities and partners' capital (deficit) | 2,464,056 | 1,572,270 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 2,052 | 6 | $ 157 | $ 211 |
Prepaid expenses and other current assets | 74 | 0 | ||
Investment in Ferrellgas, L.P. | 386,171 | 69,205 | ||
Other assets, net | 1,968 | 2,439 | ||
Total assets | 390,265 | 71,650 | ||
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | ||||
Other current liabilities | 4,511 | 2,016 | ||
Long-term debt | 182,000 | 182,000 | ||
Partners' capital (deficit) | ||||
Common unitholders | 299,730 | (57,893) | ||
General partner unitholder | (57,042) | (60,654) | ||
Accumulated other comprehensive income (loss) | (38,934) | 6,181 | ||
Total Ferrellgas Partners, L.P. partners' capital (deficit) | 203,754 | (112,366) | ||
Total liabilities and partners' capital (deficit) | $ 390,265 | $ 71,650 |
Schedule I Parent Only Balan107
Schedule I Parent Only Balance Sheets, Statements Of Earnings And Cash Flows (Balance Sheets) (Parenthetical) (Details) - shares | Jul. 31, 2015 | Jul. 31, 2014 |
Common unitholders, units outstanding | 100,376,789 | 81,228,237 |
General partner unitholder, units outstanding | 1,013,907 | 820,487 |
Parent Company [Member] | ||
Common unitholders, units outstanding | 100,376,789 | 81,228,237 |
General partner unitholder, units outstanding | 1,013,907 | 820,487 |
Schedule I Parent Only Balan108
Schedule I Parent Only Balance Sheets, Statements Of Earnings And Cash Flows (Statement Of Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Operating Income (Loss) | $ 130,520 | $ 144,414 | $ 147,602 | ||||||||
Interest expense | (100,396) | (86,502) | (89,145) | ||||||||
Loss on extinguishment of debt | 0 | (21,202) | 0 | ||||||||
Other income (expense), net | (350) | (479) | 565 | ||||||||
Income tax expense | 315 | (2,516) | (1,855) | ||||||||
Other income | 4 | 0 | 0 | ||||||||
Net earnings (loss) | $ (59,333) | $ 36,220 | $ 86,371 | $ (33,169) | $ (48,241) | $ 45,890 | $ 61,123 | $ (25,057) | 30,089 | 33,715 | 57,167 |
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Equity in earnings (loss) of Ferrellgas, L.P. | 45,958 | 49,403 | 72,634 | ||||||||
Other Operating Income (Expense), Net | 104 | 23 | (20) | ||||||||
Operating Income (Loss) | 45,854 | 49,426 | 72,614 | ||||||||
Interest expense | (16,169) | (16,170) | (16,171) | ||||||||
Income tax expense | (69) | (45) | (17) | ||||||||
Net earnings (loss) | $ 29,620 | $ 33,211 | $ 56,426 |
Schedule I Parent Only Balan109
Schedule I Parent Only Balance Sheets, Statements Of Earnings And Cash Flows (Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Cash flows from operating activities: | |||||||||||
Net earnings (loss) | $ (59,333) | $ 36,220 | $ 86,371 | $ (33,169) | $ (48,241) | $ 45,890 | $ 61,123 | $ (25,057) | $ 30,089 | $ 33,715 | $ 57,167 |
Reconciliation of net earnings to net cash used in operating activities: | |||||||||||
Other | (3,361) | (5,372) | (4,520) | ||||||||
Net cash provided by (used in) operating activities | 203,072 | 125,669 | 210,120 | ||||||||
Cash flows from investing activities: | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | (641,427) | (162,004) | (37,186) | ||||||||
Net cash provided by (used in) investing activities | (708,017) | (210,075) | (68,116) | ||||||||
Cash flows from financing activities: | |||||||||||
Distributions | (167,105) | (160,925) | (159,682) | ||||||||
Cash paid for financing costs | (10,301) | (11,508) | 0 | ||||||||
Proceeds from increase in long-term debt | 628,134 | 750,351 | 58,356 | ||||||||
Payments on long-term debt | (119,457) | (569,841) | (3,912) | ||||||||
Proceeds from equity offering, net of issuance costs | 181,008 | 50,000 | 0 | ||||||||
Proceeds from exercise of common unit options | 91 | 605 | 864 | ||||||||
Net cash provided by (used in) financing activities | 504,310 | 86,376 | (143,822) | ||||||||
Increase (decrease) in cash and cash equivalents | (637) | 1,825 | (1,965) | ||||||||
Cash and cash equivalents - beginning of year | 8,289 | 6,464 | 8,289 | 6,464 | 8,429 | ||||||
Cash and cash equivalents - end of year | 7,652 | 8,289 | 7,652 | 8,289 | 6,464 | ||||||
Parent Company [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Net earnings (loss) | 29,620 | 33,211 | 56,426 | ||||||||
Reconciliation of net earnings to net cash used in operating activities: | |||||||||||
Other | 2,922 | 426 | 383 | ||||||||
Equity in (earnings) loss of Ferrellgas, L.P. | 45,958 | 49,403 | 72,634 | ||||||||
Net cash provided by (used in) operating activities | (13,416) | (15,766) | (15,825) | ||||||||
Cash flows from investing activities: | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | (562,500) | 0 | 0 | ||||||||
Distributions received from Ferrellgas, L.P. | 601,736 | 176,623 | 175,380 | ||||||||
Cash contributed to Ferrellgas, L.P. | 42,224 | 51,105 | 800 | ||||||||
Net cash provided by (used in) investing activities | (2,988) | 125,518 | 174,580 | ||||||||
Cash flows from financing activities: | |||||||||||
Distributions | (167,105) | (160,925) | (159,682) | ||||||||
Cash paid for financing costs | 0 | (94) | 0 | ||||||||
Proceeds from equity offering, net of issuance costs | 181,008 | 50,000 | 0 | ||||||||
Proceeds from exercise of common unit options | 91 | 605 | 864 | ||||||||
Cash contribution from general partners in connection with common unit issuances | 4,456 | 511 | 9 | ||||||||
Net cash provided by (used in) financing activities | 18,450 | (109,903) | (158,809) | ||||||||
Increase (decrease) in cash and cash equivalents | 2,046 | (151) | (54) | ||||||||
Cash and cash equivalents - beginning of year | $ 6 | $ 157 | 6 | 157 | 211 | ||||||
Cash and cash equivalents - end of year | $ 2,052 | $ 6 | $ 2,052 | $ 6 | $ 157 |
Schedule I Parent Only Balan110
Schedule I Parent Only Balance Sheets, Statements Of Earnings And Cash Flows (Cash Flows) (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Net earnings attributable to Ferrellgas Partners, L.P. | $ (59,333) | $ 36,220 | $ 86,371 | $ (33,169) | $ (48,241) | $ 45,890 | $ 61,123 | $ (25,057) | $ 30,089 | $ 33,715 | $ 57,167 |
Issuance costs | 648 | 0 | 0 | ||||||||
Reconciliation of net earnings to net cash used in operating activities: | |||||||||||
Other | (3,361) | (5,372) | (4,520) | ||||||||
Net cash provided by (used in) operating activities | 203,072 | 125,669 | 210,120 | ||||||||
Cash flows from investing activities: | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 641,427 | 162,004 | 37,186 | ||||||||
Net cash provided by (used in) investing activities | (708,017) | (210,075) | (68,116) | ||||||||
Cash flows from financing activities: | |||||||||||
Distributions | (167,105) | (160,925) | (159,682) | ||||||||
Cash paid for financing costs | (10,301) | (11,508) | 0 | ||||||||
Proceeds from equity offering, net of issuance costs | 181,008 | 50,000 | 0 | ||||||||
Proceeds from exercise of common unit options | 91 | 605 | 864 | ||||||||
Net cash provided by (used in) financing activities | 504,310 | 86,376 | (143,822) | ||||||||
Increase (decrease) in cash and cash equivalents | (637) | 1,825 | (1,965) | ||||||||
Cash and cash equivalents - beginning of year | 8,289 | 6,464 | 8,289 | 6,464 | 8,429 | ||||||
Parent Company [Member] | |||||||||||
Net earnings attributable to Ferrellgas Partners, L.P. | 29,620 | 33,211 | 56,426 | ||||||||
Issuance costs | 648 | 0 | 0 | ||||||||
Reconciliation of net earnings to net cash used in operating activities: | |||||||||||
Other | 2,922 | 426 | 383 | ||||||||
Equity in earnings of Ferrellgas, L.P. | (45,958) | (49,403) | (72,634) | ||||||||
Net cash provided by (used in) operating activities | (13,416) | (15,766) | (15,825) | ||||||||
Cash flows from investing activities: | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 562,500 | 0 | 0 | ||||||||
Distributions received from Ferrellgas, L.P. | 601,736 | 176,623 | 175,380 | ||||||||
Cash contributed to Ferrellgas, L.P. | (42,224) | (51,105) | (800) | ||||||||
Net cash provided by (used in) investing activities | (2,988) | 125,518 | 174,580 | ||||||||
Cash flows from financing activities: | |||||||||||
Distributions | (167,105) | (160,925) | (159,682) | ||||||||
Cash paid for financing costs | 0 | (94) | 0 | ||||||||
Proceeds from equity offering, net of issuance costs | 181,008 | 50,000 | 0 | ||||||||
Proceeds from exercise of common unit options | 91 | 605 | 864 | ||||||||
Cash contribution from general partners in connection with common unit issuances | 4,456 | 511 | 9 | ||||||||
Net cash provided by (used in) financing activities | 18,450 | (109,903) | (158,809) | ||||||||
Increase (decrease) in cash and cash equivalents | 2,046 | (151) | (54) | ||||||||
Cash and cash equivalents - beginning of year | $ 6 | $ 157 | $ 6 | $ 157 | $ 211 |
Schedule II Valuation And Qu111
Schedule II Valuation And Qualifying Accounts (Details) - Allowance For Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | $ 4,756 | $ 3,607 | $ 3,812 |
Charged to cost / expenses | 3,419 | 3,419 | 2,066 |
Other | (3,359) | (2,270) | (2,271) |
Balance at end of period | 4,816 | 4,756 | 3,607 |
Ferrellgas, L.P. [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 4,756 | 3,607 | 3,812 |
Charged to cost / expenses | 3,419 | 3,419 | 2,066 |
Other | (3,359) | (2,270) | (2,271) |
Balance at end of period | $ 4,816 | $ 4,756 | $ 3,607 |